New build estimates £ per square meter?

[tchughes 19]

 

Anyone experienced kind enough to share what cost per square meter they use for initial estimate on a new build project? Looking in the North West of the country, Manchester, Cheshire and North Wales.

I’ve been using £1250 £/m2. This is for a complete build by a house builder. So Im guessing if project managed yourself you can get this down by 15%?

As an example, 3 bed detached to a low spec, total floor area 116m2 = build cost £145,000 each then extra for infrastructure. By infrastructure I mean if it’s a small estate of 4 houses, a road, water drainage, etc.

I’ve looked a lot of possible projects. But none work out viable when you do a full costing.

Its funny that the more I've looked in to this the more you start to think that perhaps house prices really arent as high as people think they are....outside of London on the South.

 

 

 

[alastairkennedy 20]

1250/m is a very conservative baseline for new build; I’d suggest 1500-2500/m for a good / reasonable standard but not high-end.  Without knowledge of the site, remediation, stats, scale/multiple units factor, etc, I’d stay towards the upper side of this estimate to start with.  
Assuming these are for selling, once you start looking at taller ceiling, electric operation, integrated AV/data, good sanitaryware/kitchens etc you can reach +3000/m without much effort. 
 

TLTR, not less than 1800/m if you penny pinch throughout the scheme. 

[tchughes 19]

Thanks for the information.

The margins seem tight, Im struggling to see how it works.

Here is an example https://www.anwylhomes.co.uk/our-developments-property/tyddyn-bach-holyhead/the-farndon/

Its £227,995 and 5.97m by 9m, so total 108m2

So the sale price is  £2129/m

So unless you can get land and finance for free it looks impossible!

 

I might as well share the exact figures from a project Ive been working on. At first glance I thought it was a good project. But the more depth Ive gone in to the less workable its become. Ive attached a house and site plan. Here are my figures;

Site with full planning for 3x detached house £110k
Affordable surcharge payable to council £30k
Legal fees on purchase and build reg drawings £6K
Stamp Duty £3k

Each house is a two story with an attic conversion. Ground floor dimensions are 6.3m by 9.2m. I have had a quote from a building contractor 116m2 x1250 = £145k per house and 50- 75 k for the road and soakaway.

Then estimated GDV 3x 225k = £675k

Build = £485k
Acquisition = £149k

Thats £634k without finance.

Finance = £25k
Agent selling fee = £6k
Legal fees on sale = £3k

With the above you its up to £668k

 

The problem being the GDV is only £1939/m....but even if it was higher it still a long way from enough margin and thats using build cost at £1250m/2

Am I missing something? Im so confused...hahaa

[tchughes 19]

 

Here's another one https://www.rightmove.co.uk/properties/72402678#/

Its 6.4m x 10m, 2 story so thats 128m2

Asking price is £285000 so £2226m/s sale price