What is an architectural Feasibility Assessment?
A common question we are asked at the beginning of a new project is ‘how can I get the most from a site whilst keeping to time and budget?’
The first piece of work after purchase that we suggest is a Feasibility Assessment. This explores the likely potential and viability of a project through mapping options and opportunities, as well as identifying risks and challenges.
A Feasibility Assessment will help you determine:
What different type of schemes might work on a site.
Which schemes would be the most profitable.
Potential layouts and floor plans to help you get an idea of how much you could fit on the site
How the site compares to the surrounding area.
Insights from leading market operators. For example, what are the current apart-hotel trends and how have other operators utilised similar spaces.
The legal and planning context – what are the limits of what you might fit on site and any key constraints you need to be aware of.
Additional features that might add value to your scheme.
Do I need an architectural Feasibility Assessment?
You don’t have to carry out initial feasibility work, some clients don’t. But an exploration into the project potential and challenges at this stage can greatly reduce risk later down the line.
It might be that we identify a key planning restraint for a chosen scheme that makes one scheme more viable than another. Or through a spatial analysis we might discover a different scheme option that you hadn’t even considered as the best use of the space.
As the proverb ‘measure twice, cut once’ implies, the more effort spent on research at these initial stages can pay dividends later on in a project, in both time and money.
What are some of the benefits of an architectural Feasibility Assessment?
Some of the key benefits include:
Exploring how to achieve maximum yield from a site in comparison to other options
Exploring the viability of a project before committing to further, more expensive works
Reducing risk by exploring options available with minimal upfront financial investment
Reducing risk by identifying project challenges early on