CONSTRUCTION COST GUIDE

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CONSTRUCTION

COST GUIDE

SECOND HALF

2012

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CONSTRUCTION COST GUIDE SECOND HALF 2012

SCSI TENDER INDICES

Building Costs continue to rise slowly in the first half of 2012 3% increase in Construction Tender Prices over the last 12 months

Source: Society of Chartered Surveyors Ireland

Buildcost Commentary on the recent SCSI Tender Indices

The Tender Indices as produced by the SCSI for the First Half of 2012 show a slight increase of 1% from the Second Half of 2011 on construction tender rates. This continues the trend of moderate increases as prices begin to inch back up from a 33% drop from the peak of the boom in 2007.

The stabilising of tender rates in the First Half of 2012 are due to a number of factors. International demand for materials such as steel, metal etc., rising fuel prices, shortage of contractors and sub contractors have led to material price increases that can no longer be absorbed within tender rates.

The indices would indicate that the below cost tendering evident over the previous few years seems to be at an end or at the very least has reduced. Below cost tendering is an unsustainable practice and many construction companies have restructured and downsized to suit their current workloads or are concentrating their efforts abroad for new work opportunities.

In addition, clients and insurance companies are stringently vetting the financial status of the contractors and sub contractors prior to including them on tender lists.

The latest announcement from the Government plan to invest €2.25 Billion in roads, schools and health. While this is welcome news for a struggling Construction Industry, there remains serious questions as to how these projects will be funded. It is likely that the majority of the finance will come from the private sector through Public Private Partnerships and other private investment vehicles.

Lack of available finance coupled with poor values will contribute to construction activity remaining poor for the short to medium term. While this status quo remains, tender rates will continue to remain very competitive.

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CONSTRUCTION COST GUIDE

Our construction cost guide sets out typical building costs prepared from our experience and cost database.

The cost ranges are representative of standard specifications and should be used as a guidance only. These costs exclude ff&e, siteworks, vat, professional fees, future inflation and other developers costs etc.

COMMERCIAL OFFICES Cost Range €

Sub Urban Offices - Naturally Ventilated 1,100 - 1,600 per m2 City Centre Offices - Air Conditioned 1,400 - 2,000 per m2

Office Fit Outs 250 - 900 per m2

HIGH TECH INDUSTRIAL UNITS Cost Range €

Warehouse with no Office - Low Specification 550 - 700 per m2 Warehouse with 10% Office - Medium Specification 700 - 850 per m2 Warehouse with 10% Office - High Specification 850 - 1,000 per m2

RETAIL Cost Range €

Shopping Centre - Anchor Unit 600 - 800 per m2

Shopping Centre - Shop Unit 700 - 1,000 per m2

Shopping Centre - Covered Mall 1,600 - 2,600 per m2

EDUCATION Cost Range €

Primary Level (DOE 2012) 820 per m2*

Secondary Level (DOE 2012) 820 per m2*

Sports Hall (DOE 2012 - Allowance of 30% uplift on basic building costs) 1,066 per m2 Third Level (Excludes FF&E) 1,400 - 2,000 per m2

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LEISURE Cost Range €

Hotel - 3 Star 1,300 - 1,800 per m2

Hotel - 5 Star 1,800 - 2,500 per m2

Cinema 1,500 - 2,500 per m2

Sports Hall 1,200 - 2,000 per m2

Swimming Pool / Leisure Centre 1,500 - 2,200 per m2

RESIDENTIAL Cost Range €

Semi Detached Houses 800 - 1,000 per m2

Terraced Houses 750 - 950 per m2

Apartments 1,200 - 1,400 per m2

Crèche "Grey Box" 800 - 1,000 per m2

SCSI House Rebuilding Guide (See page 4)

SITE DEVELOPMENT WORKS Cost Range €

Roads, Footpaths, Enclosures and Services 90 - 200 per m2

Civic / Public Realm Areas 180 - 500 per m2

CARPARKS Cost Range €

Surface Car Parks 2,000 - 3,500 per space

Multi Storey Car Park 10,000 - 14,000 per space

Single Basement Car Park 25,000 - 40,000 per space Double Basement Car Park 30,000 - 50,000 per space

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4 SCSI HOUSE REBUILDING GUIDE

This guide is intended to assist you in insuring your home and briefly explains some of the more important aspects of house insurance. It also seeks to emphasise the importance of adequately insuring what is probably your most valuable possession. Remember that home insurance policies differ, some covering more than others; hence the importance of examining your policy carefully and insuring for the correct amount.

Source: Society of Chartered Surveyors Ireland

1. The figures shown in the table are a MINIMUM base cost guide for your house insurance. 2. The figures are based on estate-type houses built in the Dublin, Cork, Galway, Waterford and

Limerick areas since the 1960s. They exclude: (a) properties with more than two storeys or with basements or habitable attics; (b) ‘one-off’ houses with special design features or period houses; and, (c) apartments/residential flats because of split responsibilities for shared areas. The insurance of apartments is covered in the block service charge. Owners should confirm with their management companies/agents that their apartment block has been valued for insurance purposes, and that the insured value is current.

3. The figures assume a basic quality specification with normal foundations, brick/block walls, concrete tiled roof, concrete ground floor and timber first floor, softwood flush doors and hardwood double glazed windows, painted plaster to walls, plastered ceilings, standard electrics and central heating. The sum insured should be increased to allow for better than average kitchen fittings, built-in wardrobes, finishes and any other items not normally included in an estate-type house (e.g., fire alarm).

Internal area of your house

Total = A TABLE OF COSTS MARCH 2012

House type Terraced Semi-detached Detached Detached Bungalow 2 3 3 4 4 4 70 sq m (753 sq ft) 95 sq m (1,023 sq ft) 95 sq m (1,023 sq ft) 118 sq m (1,270 sq ft) 118 sq m (1,270 sq ft) 146 sq m (1,572 sq ft) No. of bedrooms Typical size €1,829 sq m €170 sq ft €1,752 sq m €163 sq ft €1,768 sq m €164 sq ft €1,748 sq m €162 sq ft €1,778 sq m €165 sq ft €1,714 sq m €159 sq ft DUBLIN AREA Rebuilding cost €1,424 sq m €132 sq ft €1,340 sq m €125 sq ft €1,362 sq m €127 sq ft €1,342 sq m €125 sq ft €1,365 sq m €127 sq ft €1,339 sq m €124 sq ft CORK AREA Rebuilding cost €1,396 sq m €130 sq ft €1,315 sq m €122 sq ft €1,339 sq m €124 sq ft €1,323 sq m €123 sq ft €1,328 sq m €123 sq ft €1,291 sq m €120 sq ft GALWAY AREA Rebuilding cost €1,395 sq m €130 sq ft €1,325 sq m €123 sq ft €1,339 sq m €124 sq ft €1,317 sq m €122 sq ft €1,359 sq m €126 sq ft €1,276 sq m €119 sq ft WATERFORD AREA Rebuilding cost €1,417 sq m €132 sq ft €1,337 sq m €124 sq ft €1,344 sq m €125 sq ft €1,300 sq m €121 sq ft €1,359 sq m €126 sq ft €1,375 sq m €128 sq ft LIMERICK AREA Rebuilding cost €1,277 sq m €119 sq ft €1,203 sq m €112 sq ft €1,213 sq m €113 sq ft €1,199 sq m €111 sq ft €1,201 sq m €112 sq ft €1,167 sq m €108 sq ft NORTH WEST AREA Rebuilding cost €1,524 sq m €142 sq ft €1,438 sq m €134 sq ft €1,519 sq m €141 sq ft €1,401 sq m €130 sq ft €1,469 sq m €136 sq ft €1,425 sq m €132 sq ft NORTH EAST AREA Rebuilding cost

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5 SCSI HOUSE REBUILDING GUIDE

4. House contents such as carpets, curtains, furniture, etc., are not covered by the figures. 5. No allowance has been made for the cost of outbuildings, patios or boundary walls. The figures

do, however, allow for a concrete path around the house, for driveway repairs and re-grassing. 6. The figures allow for demolition costs, professional fees incurred in reinstatement and VAT at

13.5% on building costs and 23% on professional fees.

7. The amounts included for professional fees have been calculated to cover the following services:

- Building surveyor/architect: prepare working drawings and specification, and administer the Building contract.

- Quantity surveyor: invite and examine tenders, process payments and agree final account. - Provision has not been included to cover the cost of a structural engineer, who might be

required in some cases. Fees associated with the preparation of insurance claims are not included.

8. The costs are based on building rates ruling in March 2012 and do not allow for inflation during the duration of the policy and the period between any loss occurring and reinstatement.

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PLANNING AND FIRE CERTIFICATE CHARGES

2012

PLANNING CHARGES CHARGE

Provision of dwelling house or apartment €65 for each dwelling Domestic extension/other improvements €34 for each dwelling Other buildings (i.e. offices, commercial etc.) €80 or €3.60 per m2 (whichever is greater) up to a maximium of €38,000 Use of land as golf or pitch & putt course €50 per hectare Outline Planning Permission 75% of full planning permission charge up to a maximium of €28,500 Rentention Application Maximium charge of €125,000

The above planning charges excludes development levies such as contributions towards roads, water, sewerage, parks and other facilities provided by the council

FIRE CERTIFICATE CHARGES CHARGE

Standard Application €125 or €2.90 per m2 (whichever is greater) up to a maximum of €12,500 A Seven Day Notice Application €250 or €5.80 per m2 (whichever is greater) up to a maximum of €25,000 A Regularisation Fire Safety Certificate Application €500 or €11.60 per m2 (whichever is greater) up to a maximum of €50,000