As issues of sustainability become ever more critical the world of building development is fast learning that Whole Life Value (WLV) is not just an option, it is essential.
Instead of looking purely at the cost of the initial construction phases of a development, building owners can now look at the long-term costs involved, particularly when it comes to matters of energy.
Project management and cost consultant Faithful+Gould, recognised as a leading player in the field of WLV, is advising an ever-increasing number of clients on the benefits of looking beyond the immediate.
Bristol-based Colin Reed is currently working with the University of Bristol, specifically focusing on its aim of achieving BREEAM ‘excellent ratings’ on proposed new buildings.
Colin said: "We are looking at the total cost of ownership. People generally tend to think about what it costs to build the new development. The Whole Life Value aspects take into account energy costs, facilities management costs and quality, durability and fitness-for-purpose issues. Whole Life Value links very closely with sustainability and because these issues are becoming ever more important it is something which everybody who is developing property needs to consider. "A building which uses the principle of Whole Life Value is much more environmentally friendly, much more sustainable. Its long-term value in society and the environment is therefore better."
"As the focus increases in the marketplace on buildings that should be sustainable and should have a smaller carbon footprint these properties are going to be given preference over ones that don’t have the same attributes. When corporate tenants are looking at renting from building owners they are going to be asking questions about the long term impacts of the building itself. For Corporate entities who want to demonstrate good corporate social responsibility (CSR) this is key."