Cost management for one of the country's biggest new multi-storey car parking developments

Broadmarsh Multi-storey Car Park and Bus Station

As one of the country's largest new build multi-storey car parking developments, we have played a central role in helping Nottingham City Council to develop its strategy with certainty of project costs since its inception.

We have played a central role in helping Nottingham City Council to develop one of the country’s largest new build multi-storey car parking developments. At the start of our appointment the proposed scheme was for a complete refurbishment of the existing facility, however based on our expert recommendation this was transformed into a new build due to the significantly longer building lifespan this would provide.

The Central Library, housed in part of the Broad Marsh Car Park and Bus Station complex, will be surrounded by transformed streets, with pedestrianized areas, green spaces, and seating for pedestrians to enjoy. Collin Street has also been pedestrianized to create a new plaza that connects the library to Lister Gate and the city centre.

In the role of Cost Manager, we have been able to provide strategic advice relating to costing of designs and preparation of accurate budgets, procurement, and tender evaluation to confirm best value for money, and life cycle cost analysis to meet our client's goal for a multi-storey car park with a 50-year lifespan.

An outstanding regional landmark project, which has delivered a sustainable legacy for the people of Nottingham, the project represents an exemplar of collaborative working, with the strength of the relationships achieved between all parties resulting in the delivery of a striking civic building on time, to budget, safely and to the full satisfaction of all parties.

A bespoke cashflow had been developed which updated as and when changes were instructed and revised on a monthly basis to account for any over/under spend against the forecast for each monthly assessment. This provided the authority an update cash flow forecast each month which is currently proving successful for their funding draw downs.

Drawing on the team’s extensive car park experience, we were able to analyse the fine details of the specification and associated costs and quality, drawing on our vast market knowledge of specialist contractors, suppliers and products, such as the exact type of deck coating to be used.

To support decision making around changes, we supplemented our monthly financial reports with regular one to one meetings with the client to run through the fundamentals of cost to date and forecast cost.