By: Irena Kosturska

When undertaking a new commercial project, it is integral to conduct a feasibility study with a reputable estimator in Melbourne. New developments require many delicate aspects to align, from materials to building schedules and labour timelines across a range of contractors and vendors. Due to the complex nature of a large-scale building project, the industry veterans at Accent Estimating recommend conducting a comprehensive feasibility report before starting the build. This will ensure that any areas of concern can be addressed before financing, avoiding costly issues while the project is underway.

What is a feasibility study?

A feasibility study for a commercial build includes exploring all aspects of the project and ensuring it will be economically viable and aligns with the planned budget and schedule. This involves exploring the project’s goals and plans, conducting a competitive analysis to determine the cost-benefit of the build and outlining any risks to the project. This helps to determine if the project’s plans meet the scope and offers an acceptable return on investment while also offering the opportunity to address any risks before the build commences. As experienced industry leaders, Accent Estimating has the unique knowledge of local policies and expertise in all the necessary aspects that comprise your planned project.

Reasons for project infeasibility

After the feasibility study has been performed, experienced estimators will be able to surmise any issues with the planned build including technical feasibility or economic viability. Common issues that will be investigated in a comprehensive feasibility study include:

  1. Unrealistic budget
    There is a range of reasons why the outlined budget may not be feasible, such as the tender does not accurately reflect all the labour required or the materials are unobtainable or unfit for purpose.
  2. Timeline issues
    A feasibility study could also find flaws within the outlined timeline. The construction schedule could be deemed unrealistic due to impossible deadlines or scheduling conflicts.
  3. Missed council regulations and policies
    An expert estimator will also have a strong understanding of local regulations, policies and requirements like zoning laws. As reputable experts, the team at Accent Estimating will be able to ascertain if the budget or timeline reflects the time needed to attain the local permits.
  4. Unsatisfactory return on investment

After performing a cost-benefit analysis of the build and competitive market research our consultants will be able to determine an accurate return on investment of the project. If this ROI does not align with your goals, our consultants can help you reassess your project’s plan to better suit your needs.

What to do if your feasibility study produces concerns?

Feasibility studies explore any potential issues before any financial or scheduling commitments are made. If your planned project is determined to have concerns that could impact the feasibility of your timeline or budget, Accent Estimating is here to help. Our team of experts offer remediation assistance to ensure your project offers an agreeable return on investment. This may be as simple as recalculating the budget or choosing different materials or contractors for the project, but if the feasibility study determines that the project’s goals will not be met it can be more complex.

Remediation depends on the issues uncovered during the feasibility report, but our team is prepared to offer an extensive overhaul to help you reach a viable build plan and an acceptable return on investment.

Are you looking for accurate and premium estimating services in Melbourne?

As expert estimators in Melbourne, Accent Estimating is available to oversee the budgetary plans of all construction projects in residential, commercial and industrial sectors. Our experienced team can determine if your project is physically accomplishable and economically viable before the build begins, saving you from costly corrections halfway through construction. 

Accent Estimating also provides reliable support to builders and contractors for accurate cost estimates and progress claims, to help streamline your project while the build is underway.

We are uniquely positioned to provide high-quality remote services across Australia including Sydney, Melbourne, Perth and Brisbane. If you would like to find out more about our estimating services, you may give us a call on 0413 953 869 or fill out the contact form on our website.