Release date 1 October 2024
This page contains a guide of indicative construction costs of various buildings per m2 of gross internal floor area (internal area of the building measured over internal walls and partitions, stairwell openings etc).
Construction costs include the following group elements:
All costs are set at current index 221 (4Q2024 - Year 2000 = 100), at UK national average (index 100) and a building works value factor of 1 (building works value of approximately £1,000,000). See the Construction Indices, the Regional Variations and the Project Value Adjustments pages for more details.
The costs below are for the building only (i.e. no external works), and are inclusive of preliminaries, and contractor's overheads and profit set at 5.5%.
All costs exclude land purchase, fees, VAT, and any fittings, furnishings and equipment supplied by the Client.
The costs given here are provided in good faith as an indicative guide only and should be used with understanding. You should also consider other sources of information. Costmodelling Limited cannot accept any liability for any work produced using these figures. You should always seek professional advice in producing costs for any construction project.
Unless stated otherwise, the costs are based on buildings constructed to a typical or mid-range specification. However, no two buildings are the same. Building size and shape, number of storeys, ground conditions, design and material specification, number and size of windows, number of lifts, local market conditions, etc. can all have a significant impact on costs.
Costs can vary from the range of guide costs given here.
The costs below should only be used to give a general indication of what a building MAY cost to construct. They do not provide a cost of what your actual project WILL cost to construct. You should always seek the advice of a professional quantity surveyor who will be able to advise an accurate budget for your project.
We have used our Costmodelling CostAdviser Professional software to produce cost models for all the buildings detailed in the table below. A chart plotting these building costs in a distribution curve is provided below:
Analysis of the building costs provides the following information:
All costs are set at Tender Price index 221, a building works value factor of 1 and a UK regional factor of 100
We have also used our software to generate a cost model for a typical building comprising all elements at average design and pricing. This produces an average construction cost of £2,190/m2
Using this average cost, and through analysis of multiple cost models we have produced using differing element unit quantities and element unit rates allows us to determine the standard deviation of the construction costs of buildings. Our calculations determine this to be £880/m2
We can use this information to create a normal distribution of building costs, which is given in the chart below:
All normal density curves satisfy the following property which is often referred to as the 'Empirical Rule':
Applying the Empirical Rule to our cost data allows us the predict likely construction costs of buildings as follows:
All costs are set at Tender Price index 221, a building works value factor of 1 and a UK regional factor of 100
All the costs in the table below are produced by our Costmodelling CostAdviser Professional software. The software constructs complete cost models from first principles using typical element unit quantities and typical element unit rates applicable to the type of building for every element of the building. If you use our software you will see this in action.
Important! When using the information from the table below, it is important that any costs produced are adjusted using the project value adjustment factor obtained from the project value adjustment chart.
All the costs in the table below are set at a project value factor of 1. When you obtain a total building cost for your project by multiplying the gross internal floor area by the cost per m2, you should multiply the resultant total cost by the factor obtained from the chart that corresponds to your total. This will help ensure that your project costs reflect the economies of scale appropriate to your project size.
An example of how to use the information to create a construction works budget is provided at the end of this page.
| Building entities | £/m2 |
| Administrative, commercial and protective service entities | |
| Offices, non air-conditioned: 1-2 storey | 2,020 - 2,240 |
| Offices, non air-conditioned: 3-5 storey | 2,150 - 2,390 |
| Offices, non air-conditioned: 6+ storey | 2,470 - 2,730 |
| Offices, air-conditioned: 1-2 storey | 2,350 - 2,610 |
| Offices, air-conditioned: 3-5 storey | 2,510 - 2,790 |
| Offices, air-conditioned: 6+ storey | 2,860 - 3,180 |
| Offices with shops and flats, non air-conditioned: 1-2 storey | 1,990 - 2,210 |
| Offices with shops and flats, non air-conditioned: 3-5 storey | 2,060 - 2,280 |
| Offices with shops and flats, non air-conditioned: 6+ storey | 2,230 - 2,470 |
| Embassies | 3,380 - 3,740 |
| County, City and Town halls | 2,660 - 2,960 |
| Local admin buildings | 2,520 - 2,800 |
| Record offices, archives, patent offices | 2,620 - 2,900 |
| Vehicle repair and maintenance buildings | 1,730 - 1,930 |
| Wholesale trading building/auction rooms | 1,330 - 1,490 |
| Department stores | 2,730 - 3,030 |
| Banks and building society branches | 3,080 - 3,420 |
| Bank head offices | 3,680 - 4,080 |
| Market building providing accommodation for stalls, etc | 1,100 - 1,220 |
| Vehicle showrooms | 1,730 - 1,930 |
| Vehicle showrooms with workshops | 1,620 - 1,800 |
| Shops: shell only | 1,030 - 1,150 |
| Shops, simple stores: shell and fitting out | 1,540 - 1,720 |
| Shops, designer stores: shell and fitting out | 1,900 - 2,120 |
| Shops with domestic or office accommodation | 2,500 - 2,780 |
| Mixed commercial developments | 1,380 - 1,540 |
| Retail warehouses: shell only | 750 - 830 |
| Retail warehouses: shell and fitting out | 1,110 - 1,230 |
| Supermarkets: shell only | 910 - 1,010 |
| Supermarkets: shell and fitting out | 2,430 - 2,690 |
| Hypermarkets: shell only | 910 - 1,010 |
| Hypermarkets: shell and fitting out | 1,990 - 2,210 |
| Shopping centres: comfort cooled | 5,710 - 6,330 |
| Shopping centres: air conditioned | 7,370 - 8,150 |
| Branch post offices | 1,730 - 1,930 |
| Postal sorting and delivery offices | 1,730 - 1,930 |
| Air Force facilities, operations building | 2,140 - 2,380 |
| Territorial Army centres | 1,940 - 2,160 |
| Military buildings | 2,140 - 2,380 |
| Camps, depots, bases, ranges, etc | 2,140 - 2,380 |
| Police stations | 2,510 - 2,790 |
| Police admin/control buildings | 2,580 - 2,860 |
| County courts | 4,100 - 4,540 |
| Magistrates courts | 2,210 - 2,450 |
| Prisons | 3,230 - 3,570 |
| Reformatories and secure residential units for children | 3,440 - 3,820 |
| Ambulance stations | 1,520 - 1,700 |
| Ambulance control centres | 2,500 - 2,780 |
| Fire stations | 2,660 - 2,960 |
| Fire service admin/control buildings | 2,500 - 2,780 |
| Fire training buildings | 2,240 - 2,480 |
| Mountain and cave rescue centres | 1,810 - 2,010 |
| Cultural, educational, scientific and information entities | |
| Nursery schools | 2,540 - 2,820 |
| Primary/junior schools | 2,450 - 2,710 |
| Secondary/middle schools | 2,500 - 2,780 |
| Sixth form colleges | 2,420 - 2,680 |
| Special schools | 2,560 - 2,840 |
| Schools for those with learning disabilities | 2,470 - 2,750 |
| Schools for the physically disabled | 2,140 - 2,380 |
| Training colleges | 2,130 - 2,370 |
| Management training centres | 2,210 - 2,450 |
| Universities and colleges | 2,370 - 2,630 |
| Learning resource centres | 2,500 - 2,780 |
| Adult education facilities | 2,450 - 2,710 |
| Art and drama centres | 2,140 - 2,380 |
| Lecture theatres | 4,410 - 4,890 |
| Research facilities | 2,880 - 3,200 |
| Laboratories | 3,580 - 3,960 |
| Artists' studios | 1,660 - 1,840 |
| Art galleries, facilities for special displays | 3,790 - 4,190 |
| Museums, planetaria | 5,210 - 5,770 |
| Exhibition centres | 3,570 - 3,950 |
| Conference centres | 2,900 - 3,220 |
| Libraries | 4,060 - 4,500 |
| Churches, chapels, etc. | 2,780 - 3,080 |
| Temples, mosques, synagogues, etc | 3,210 - 3,550 |
| Mission halls, meeting houses, etc. | 3,130 - 3,470 |
| Convents | 2,630 - 2,910 |
| Industrial entities | |
| Advance factories: generally | 1,080 - 1,200 |
| Advance factories/offices: mixed facilities | 1,510 - 1,670 |
| Factories: generally | 1,180 - 1,320 |
| Purpose-built factories | 1,220 - 1,360 |
| Purpose-built factories/offices: mixed facilities | 1,460 - 1,620 |
| Factories for food and drink | 2,470 - 2,730 |
| Factories for chemical and allied industries | 2,330 - 2,590 |
| Factories for metals | 1,620 - 1,800 |
| Factories for mechanical and electrical engineering | 1,520 - 1,700 |
| Factories for electronics, computers and the like | 2,480 - 2,760 |
| Factories for paper, printing and publishing | 1,490 - 1,650 |
| Advance warehouses/stores | 1,040 - 1,160 |
| Warehouses/stores: generally | 1,060 - 1,180 |
| Purpose-built warehouses/stores: generally | 1,090 - 1,210 |
| Builders yards and maintenance depots | 1,060 - 1,180 |
| Distribution centre/warehouse 10m to 15m high (10000m2 footprint) | 510 - 570 |
| Distribution centre/warehouse 16m to 24m high (10000m2 footprint) | 570 - 630 |
| Cold stores/refrigerated stores | 1,300 - 1,440 |
| Livestock buildings | 460 - 520 |
| Stud farms, stables, etc | 1,490 - 1,650 |
| Refuse depots | 1,570 - 1,750 |
| Medical, health, welfare and sanitary entities | |
| Day hospitals | 2,690 - 2,990 |
| Community hospitals | 3,680 - 4,080 |
| General hospitals | 4,060 - 4,500 |
| Mental, psychiatric hospital facilities | 3,490 - 3,870 |
| Psychiatric units | 4,000 - 4,440 |
| Psychiatric units for the elderly | 3,610 - 4,010 |
| Learning disability units | 3,720 - 4,120 |
| Ear, nose and throat units | 2,470 - 2,750 |
| Cardiac units | 3,350 - 3,710 |
| Hospital facilities for the treatment of parts of the body | 2,520 - 2,800 |
| Maternity, gynaecological hospital facilities | 3,580 - 3,960 |
| Genito-urinary facilities | 2,640 - 2,920 |
| Paediatric, geriatric hospital facilities | 2,680 - 2,980 |
| Paediatric units, children's hospitals | 2,600 - 2,880 |
| Surgery including operating theatres | 4,480 - 4,960 |
| Hospital laboratories | 3,380 - 3,740 |
| Pathology laboratories | 3,380 - 3,740 |
| Occupational therapy, physiotherapy, hydrotherapy units | 2,990 - 3,310 |
| Pharmacies | 3,230 - 3,570 |
| Hospital mixed specialist facilities | 4,330 - 4,790 |
| Diagnostic units excluding radiography | 2,660 - 2,960 |
| Radiography (x-ray) units | 5,610 - 6,210 |
| Chemotherapy units | 4,210 - 4,670 |
| Radiotherapy units | 4,520 - 5,000 |
| Specialised facilities | 4,470 - 4,950 |
| Outpatients/casualty units | 2,780 - 3,080 |
| Ward blocks | 4,010 - 4,450 |
| Intensive care/acute wards | 3,990 - 4,430 |
| Sterile stores/serialisation units | 3,420 - 3,780 |
| Medical research facilities | 3,470 - 3,850 |
| Observation and assessment centres | 2,600 - 2,880 |
| Blood transfusion facilities | 3,040 - 3,380 |
| Hospital teaching centres | 2,500 - 2,780 |
| Health centres, clinics, group practice surgeries | 2,480 - 2,760 |
| Welfare consultation centres | 2,470 - 2,750 |
| Day centres | 2,730 - 3,030 |
| Nursing homes | 2,020 - 2,240 |
| Homes for the elderly | 2,300 - 2,560 |
| Homes for the mentally ill | 1,920 - 2,140 |
| Childrens homes | 2,520 - 2,800 |
| Homes for children with special needs | 3,380 - 3,740 |
| Hospices | 2,480 - 2,760 |
| Mortuaries | 4,580 - 5,080 |
| Crematoria | 3,070 - 3,410 |
| Public conveniences | 3,230 - 3,570 |
| Utility blocks: washing and toilet facilities | 3,840 - 4,260 |
| Animal rearing and living facilities | 2,610 - 2,890 |
| Kennels and catteries | 2,260 - 2,500 |
| Veterinary hospitals | 2,510 - 2,790 |
| Animal clinics | 2,170 - 2,410 |
| Recreational entities | |
| Public houses, licensed premises | 2,510 - 2,790 |
| Restaurants | 2,420 - 2,680 |
| Canteens, refectories, cafes, etc | 2,370 - 2,630 |
| Arts and drama centres | 2,850 - 3,150 |
| Theatres: less than 500 seats | 3,790 - 4,190 |
| Theatres: over 500 seats | 5,740 - 6,360 |
| Concert halls | 4,560 - 5,040 |
| Cinemas | 3,200 - 3,540 |
| Multiplex cinemas | 4,640 - 5,140 |
| Community centres | 2,280 - 2,540 |
| General purpose halls | 2,120 - 2,360 |
| Youth clubs | 2,540 - 2,820 |
| Visitors centres | 3,560 - 3,940 |
| Mixed recreations buildings, holiday camps, caravan site buildings, etc | 2,680 - 2,980 |
| Sport and activity entities | |
| Squash courts | 1,680 - 1,860 |
| Indoor bowls halls | 1,200 - 1,340 |
| Indoor tennis courts | 750 - 830 |
| Table tennis centres | 1,240 - 1,380 |
| Indoor cricket centres | 1,400 - 1,560 |
| Indoor bowling greens | 910 - 1,010 |
| Indoor athletic training centres | 1,560 - 1,740 |
| Indoor sports arena | 2,330 - 2,590 |
| Health and fitness clubs | 2,360 - 2,620 |
| Sports centres, recreational centres | 2,280 - 2,540 |
| Sports centres, recreational centres including swimming pools | 3,430 - 3,810 |
| Gymnasium/sports halls | 1,830 - 2,030 |
| Sports pavilions, club houses and changing rooms | 1,910 - 2,130 |
| Sports changing rooms | 2,430 - 2,690 |
| Sports pavilions and club houses | 2,280 - 2,520 |
| Club houses | 2,000 - 2,220 |
| Golf club houses | 2,090 - 2,310 |
| Bowls pavilions | 1,490 - 1,650 |
| Rifle ranges | 1,490 - 1,650 |
| Golf driving ranges | 1,990 - 2,210 |
| Riding schools | 690 - 770 |
| Boat houses | 2,880 - 3,200 |
| Leisure centres: dry | 2,500 - 2,780 |
| Leisure centres: wet and dry | 3,800 - 4,200 |
| Swimming pools: small | 3,450 - 3,830 |
| Swimming pools: 25m | 2,780 - 3,080 |
| Swimming pools: 50m | 3,740 - 4,140 |
| Leisure pools | 4,430 - 4,910 |
| Covered ice rinks | 2,140 - 2,380 |
| Residential entities | |
| Estate housing: generally | 1,500 - 1,660 |
| Estate housing: single storey | 1,610 - 1,790 |
| Estate housing: 2 storey | 1,470 - 1,630 |
| Estate housing: 3 storey | 1,490 - 1,650 |
| Estate housing: detached, generally | 1,720 - 1,920 |
| Estate housing: detached, single storey | 1,690 - 1,870 |
| Estate housing: detached, 2 storey | 1,660 - 1,840 |
| Estate housing: detached, 3 storey | 1,710 - 1,910 |
| Estate housing: semi-detached, generally | 1,500 - 1,660 |
| Estate housing: semi-detached, single storey | 1,610 - 1,790 |
| Estate housing: semi-detached, 2 storey | 1,500 - 1,660 |
| Estate housing: semi-detached, 3 storey | 1,520 - 1,680 |
| Estate housing: terraced, generally | 1,410 - 1,570 |
| Estate housing: terraced, single storey | 1,580 - 1,760 |
| Estate housing: terraced: 2 storey | 1,350 - 1,510 |
| Estate housing: terraced: 3 storey | 1,420 - 1,580 |
| Small - medium scale housing developments: generally | 1,880 - 2,080 |
| Small - medium scale housing developments: single storey | 1,910 - 2,130 |
| Small - medium scale housing developments: 2 storey | 1,840 - 2,040 |
| Small - medium scale housing developments: 3 storey | 1,880 - 2,080 |
| Small - medium scale housing developments: detached, generally | 1,990 - 2,210 |
| Small - medium scale housing developments: detached, single storey | 1,930 - 2,150 |
| Small - medium scale housing developments: detached, 2 storey | 1,990 - 2,210 |
| Small - medium scale housing developments: detached, 3 storey | 2,050 - 2,270 |
| Small - medium scale housing developments: semi-detached, generally | 1,830 - 2,030 |
| Small - medium scale housing developments: semi-detached, single storey | 1,900 - 2,100 |
| Small - medium scale housing developments: semi-detached, 2 storey | 1,790 - 1,990 |
| Small - medium scale housing developments: semi-detached, 3 storey | 1,810 - 2,010 |
| Small - medium scale housing developments: terraced, generally | 1,810 - 2,010 |
| Small - medium scale housing developments: terraced, single storey | 1,900 - 2,120 |
| Small - medium scale housing developments: terraced: 2 storey | 1,740 - 1,940 |
| Small - medium scale housing developments: terraced: 3 storey | 1,770 - 1,970 |
| One-off housing: generally | 2,300 - 2,560 |
| One-off detached housing: generally | 2,430 - 2,690 |
| One-off detached housing: single storey | 2,170 - 2,410 |
| One-off detached housing: 2 storey | 2,320 - 2,580 |
| One-off detached housing: 3 storey | 2,390 - 2,650 |
| One-off semi-detached housing: generally | 2,170 - 2,410 |
| One-off semi-detached housing: single storey | 2,170 - 2,410 |
| One-off semi-detached housing: 2 storey | 2,090 - 2,310 |
| One-off semi-detached housing: 3 storey | 2,090 - 2,330 |
| One-off terraced housing: generally | 2,190 - 2,430 |
| One-off terraced housing: single storey | 2,240 - 2,480 |
| One-off terraced housing: 2 storey | 2,120 - 2,360 |
| One-off terraced housing: 3 storey | 2,120 - 2,360 |
| Flats/apartments without lifts: generally | 1,780 - 1,980 |
| Flats/apartments without lifts: single storey | 1,860 - 2,060 |
| Flats/apartments without lifts: 2 storey | 1,610 - 1,790 |
| Flats/apartments without lifts: 3-5 storey | 1,920 - 2,140 |
| Flats/apartments without lifts: 6+ storey | 1,970 - 2,190 |
| Flats/apartments with lifts: generally | 2,370 - 2,630 |
| Flats/apartments with lifts: 2 storey | 1,800 - 2,000 |
| Flats/apartments with lifts: 3-5 storey | 1,950 - 2,170 |
| Flats/apartments with lifts: 6+ storey | 2,040 - 2,260 |
| 'One-off' custom-built apartments/flats: standard quality, 3-5 storeys | 2,870 - 3,190 |
| 'One-off' custom-built apartments/flats: high quality in residential tower | 3,820 - 4,240 |
| Sheltered housing: generally | 1,680 - 1,860 |
| Sheltered housing: single storey | 1,920 - 2,140 |
| Sheltered housing: 2 storey | 1,680 - 1,860 |
| Sheltered housing: 3 storey | 1,550 - 1,730 |
| Sheltered housing: 4 storey | 1,730 - 1,930 |
| Student residences: large budget schemes with ensuite accommodation | 2,220 - 2,460 |
| Student residences: smaller schemes (40-100 units) mid-range specification | 1,960 - 2,180 |
| Student residences: smaller high quality courtyard schemes college style | 2,220 - 2,460 |
| Nurses residences | 1,870 - 2,070 |
| Staff residential accommodation | 2,100 - 2,340 |
| Hotels: budget roadside excluding dining facilities | 2,090 - 2,310 |
| Hotels: budget city centre with dining and bar facilities | 2,540 - 2,820 |
| Hotels: mid range with conference and leisure facilities | 2,680 - 2,980 |
| Hotels: business city centre with conference and leisure facilities | 3,730 - 4,130 |
| Hotels: luxury city centre with conference and leisure facilities | 5,130 - 5,670 |
| Barracks, mess accommodation, section houses etc | 3,270 - 3,630 |
| Youth hostels | 2,540 - 2,820 |
| Short-stay hostels for the homeless, etc | 2,280 - 2,520 |
| Electrical power generation and distribution entities | |
| Electricity substations | 2,660 - 2,960 |
| Generator houses, power stations, etc | 2,200 - 2,440 |
| Communications, security, safety and protection entities | |
| TV, radio and video studios | 3,570 - 3,950 |
| Computer buildings/Data centres | 3,330 - 3,690 |
| Telephone exchanges | 1,870 - 2,070 |
| Telephone engineering centres | 1,280 - 1,420 |
| Transport entities | |
| Airport hangers | 1,970 - 2,190 |
| Airport terminals | 4,490 - 4,970 |
| Airport piers or satellites | 5,210 - 5,770 |
| Airport cargo handling bases | 1,250 - 1,390 |
| Airport distribution centres | 700 - 780 |
| Bus and coach stations | 3,610 - 4,010 |
| Bus garages | 1,370 - 1,530 |
| Residential detached garage (traditional construction) | 1,090 - 1,210 |
| Multi-storey car parks | 780 - 880 |
| Underground car parks with mechanical ventilation | 1,230 - 1,370 |
| Railway stations | 3,650 - 4,050 |
| Railway lineside buildings | 2,510 - 2,790 |
| Railway relay buildings/substation | 1,940 - 2,160 |
| Rail vehicle storage/repair buildings | 2,850 - 3,150 |
| Port and harbour terminals/buildings | 4,520 - 5,000 |
| Boat control buildings | 2,810 - 3,110 |
| Circulation and storage entities | |
| Bulk goods storage facilities | 1,030 - 1,150 |
| Agricultural storage buildings | 910 - 1,010 |
| Vehicle storage buildings | 790 - 890 |
| Links, corridors, etc | 2,800 - 3,100 |
| Boiler houses excluding boiler plant | 2,550 - 2,830 |
| Boiler houses including boiler plant | 5,510 - 6,110 |
Building classifications are based on Uniclass Building En Entities - October 2022 - v1.26
If you wish to create a detailed cost model yourself, download our app. It's simple, easy to use, quick and a fully-operational trial version available completely free of charge for 30-days! Go to our download section and use our wizard to create your cost model from scratch.
The following is an example of how an early cost advice budget may be put together when all that is know about the project is building size (gross floor area), location and an indicative start of construction date.
If you don't know any better, we would typically add a further 10 - 20% of the building cost to cover the costs of external works depending on how extensive these works are. External works include site preparation works, roads, paths and pavings, planting, fencing, railings and walls, site/street furniture and equipment, external drainage and external services.
We would typically add a figure of 10 - 15% to cover risk.
Professional fees can be anything from 5% to 15% depending on the size of the project - generally the larger the project the smaller fee percentage.
Important! When using the information above it is important that any costs produced are adjusted for building works value. As stated, all the costs per m2 on this page are based on a building works value factor of 1 (building works value of approximately £1,000,000).
The cost per m2 given for a detached house for example is for a project in which the house is costing some £1,000,000 (i.e. a building works value factor of 1). If your house is only costing £250,000 the project value adjustment must be applied to produce the cost per m2 appropriate for your building value (in this example, the building works value factor would be 1.07 i.e. cost per m2 needs to be 7% more than the cost per m2 given in the table above).
Making this adjustment will help produce costs that are relevant to your project size and value.
This example is for a proposed new office block in York, 4000m2 gross floor area, with a proposed construction start date of October 2025.
| Proposed 4-storey air-conditioned office block, York | ||
| Gross floor area: | 4000m2 | |
| Location: | York | |
| Proposed construction start date: | October 2025 | |
| Construction period: | 52 weeks | |
| Base cost from cost per m2 table Offices, air-conditioned: 3-5 storey: |
£2,650/m2 |
|
| Budget calculation | ||
| Building works cost (at bwv factor of 1.00) | 4000m2 x £2,650/m2 | 10,600,000 |
|
Adjustment for building works value (Factor for £10,600,000 is 0.89) |
0.89 |
|
| 9,434,000 | ||
| Adjustment for location (York = 96) | 0.96 | |
| 9,057,000 | ||
| Adjustment for tender inflation | ||
| Current tender price index October 2024 | 221 | |
| Forecasted tender price index October 2025 | 227 | |
| Adjustment (227 - 221) / 221 | 2.71% | 246,000 |
| 9,303,000 | ||
| Adjustment for construction inflation | ||
| Current building cost index October 2025 | 242 | |
| Forecasted building cost index October 2026 | 248 | |
| Adjustment ((248 - 242) / 242) x 50% * | 1.24% | 115,000 |
| 9,418,000 | ||
| Allowance for external works | say 15% | 1,395,000 |
| 10,813,000 | ||
| Allowance for risk | say 12% | 1,298,000 |
| 12,111,000 | ||
| Indicative total construction works cost | £12,100,000 |
Estimate base date: 1 October 2024.
Cost excludes land purchase, fees, VAT, fittings and furnishings supplied by the Client.
* Because on larger value contracts the contractor is usually paid in monthly instalments, the normal method of calculating construction inflation is that half the construction inflation rate applies to the whole of the construction works cost. If the contractor is not paid until after completion of the works, then the calculation should be the full construction inflation rate applied to the whole of the construction works cost.