Calculating the Gross Development Cost (GDC)
House Build Costs
Here are some average figures for building your houses or apartments:
House Build Costs
Smaller Schemes (3 Units or less)
|
£/m2 |
Terraced |
Semi |
Detached |
Flats |
|
Average |
£ 1800 |
£ 1976 |
£ 2901 |
£ 1780 |
Larger Schemes (4 Units or more)
|
£/m2 |
Terraced |
Semi |
Detached |
Flats |
|
Average |
£ 1545 |
£ 1531 |
£ 2066 |
£2126 |
Road and Drainage Build Costs
If you need to build a road into your site allow £205 per m2 for road and drainage.
Demolition
If your site has an existing building that needs demolishing, here are some basic costs:
Up to 3000 ft2 building | £20,000 |
Up to 5000 ft2 building | £35,000 |
Up to 10000 ft2 building | £40,000 |
Up to 15000 ft2 building | £50,000 |
Up to 20000 ft2 building | £60,000 |
Professional Fees
Once you have your construction price allow 9% as additional fees to pay your professionals.
An approx. breakdown would be as follows:
Architect | 4% |
Engineer | 2% |
Quantity Surveyor | 1% |
Project Manager | 1% |
Building Regs | 0.5% |
Health and Safety Manager | 0.25% |
So for example if you calculated the construction costs at £500,000
Calculate 500,000 x .09 = 45,000
In this instance your professional fees would be approx. £45,000
Giving you a GDC of (£500,000 + £45,000) = £540,000