Feasibility studies are undertaken at the very inception of a project, to review options or where there may be some uncertainty or dispute around the proposed development.
The aim of a feasibility study is to explore and assess the potential of a site or building. It also usually involves reviewing the history of the site/building, planning use and constraints, and its general condition and opportunities. It also highlights the limitations and overall prospects for the site.
The rationale behind a feasibility study is to:
- Determine whether the project is viable, or even profitable.
- Explore feasible alternatives to fulfil, or even go beyond the brief.
- Assess whether other consultants’ input is necessary.
On larger projects, a feasibility study carries many benefits where a range of issues are taken into consideration such as:
- Likely issues with Planning Approval/Building Regulations
- Reports required such as environmental impact assessments or other legal/statutory approvals
- Analysis of budget and whether it corresponds to client requirements
- Site appraisal, care taken to understand its history, significance and context
- Access to site
- Consideration of operational and maintenance issues
- Possibility of using or adapting existing facilities or buildings
Feasibility studies are individually tailored to meet the needs of the client and project, but nearly always include the preparation of some form of initial site & plan layout drawings.
They can vary from a straightforward assessment of layout options to a complex analysis of different sites and their possible uses. In all cases the project is reviewed, all viable options are explored and outline proposals are developed, costed & valued (by estate agents if appropriate) and reviewed with the client and any other interested parties.
Finally, the results of the study are presented to the client in a clear and structured way so that they can determine whether or not (or how) to continue to the next stage of their project.
A very simple initial feasibility study can be carried out for less than a thousand pounds in some instances, although this clearly depends on the project requirements.
Just get in touch as we’re always happy to review and quote to prepare a feasibility study for any project that you are considering.