Case Studies: Cost Management Services

Building Insurance Replacement Cost Estimates

Charter Quantity Surveying provides end-to-end cost management services to the property, infrastructure and resources industries.

As part of our comprehensive suite of quantity surveying services, we are also experts in the preparation of Building Insurance Replacement Cost Estimates, a very important requirement for building owners and owners corporations, to ensure the correct insurance cover is always carried.

Charter Keck Cramer’s Projects team recently conducted Building Insurance Replacement Cost Estimates on the following developments.     

Eureka Tower
OC Pride

Image source: https://www.visitmelbourne.com/regions/melbourne/things-to-do/art-theatre-and-culture/architecture-and-design/eureka-skydeck-88
Image source: https://www.visitmelbourne.com/regions/melbourne/things-to-do/art-theatre-and-culture/architecture-and-design/eureka-skydeck-88
  • Construction completed in 2006
  • Second tallest building in Australia
  • $790 million total estimated cost of building replacement (as at March 2019)
  • Charter Keck Cramer’s Quantity Surveying Business Unit has also produced Tax Depreciation Schedules for unit owners within this development
  • Charter Keck Cramer also provided valuation services for the property – pricing valuation, off the plan valuation for construction finance and mortgage valuations

CitiPower Centre
Cricket Victoria

Image source: https://www.cricketvictoria.com.au/junction-oval/
Image source: https://www.cricketvictoria.com.au/junction-oval/
  • Construction completed in March 2018
  • $49 million total estimated cost of building replacement (as at May 2019)
  • Centre includes indoor wickets, aquatic facilities, office space, commercial kitchens and grandstands.

Gladstone Park Shopping Centre
CRS Property Group

Image source: Google Maps
Image source: Google Maps
  • $110 million total estimated cost of building replacement (as at July 2019)
  • Major Tenants: Woolworths, Aldi, BWS, ANZ and Commonwealth Bank

For building owners, it is extremely important to have adequate insurance cover, especially in the current building construction climate. High building inflationary trends and recent significant building industry changes to wages and working hours, can all contribute to current insurance cover being insufficient.

Our team of professionals produce high quality reports which include the thorough measurement of quantities and accurate pricing of the development ensuring there are no significant over or under provisions of replacement cost cover.