- Value Engineering an increasingly essential process given the economic climate. Value Engineering can ensure that improvement schemes are deliverable and affordable. They form part of a process which should ensure that cost saving measures don’t undermine the original objectives of the project.
- Stats relocation can be a costly, time consuming and complicated undertaking. Cost reduction strategies include working collaboratively with stats providers, undertaking rolling surveys to ensure stats locations are known and the potential need for their relocation can be planned for, and remain aware of the high cost of such relocation. Be mindful of the potential for conflict with some providers, who may be resistant to relocation. Consider framing relocation as an opportunity to upgrade.
- Cost saving strategies in a public realm improvement scheme such as that of Bond Street include; remaining flexible about material specs- for example, sourcing granite from Europe is less costly than from the UK, but more sustainable than China, focussing high quality material use on key areas- such as prominent businesses, taking a controlled approach to additional costs- creating prearranged protocol agreements, and focussing on comms with community throughout the project to manage expectations and engage businesses to attract funds and reduce the likelihood of lost revenue claims.
- Knowing costs is essential to keeping costs down. When undertaking a public realm improvement scheme, identify capital costs, maintenance costs, and take-down costs from the outset is essential to achieving a low-sum result.
- Using small sums for a big impact can be achieved by embracing radical and innovative practices. Engaging directly with artist’s on public realm project often reaps greater and less costly rewards than complex arrangements with contractors.
Ciara McLoughlin, TfL
Katherine Vick, TfL
Alex Sargent, WSP
Valerie Beirne, Better Bankside BID