Accurate long term maintenance planning is essential in underpinning the value and long-term financial sustainability of any property.
Both are fundamental in safeguarding investor returns.
At the outset, a fully indexed Asset Register would be prepared which would identify every asset in the building; maintenance regime /requirement; life expectancy and installation cost.
In conjunction with the Asset Register, a long-term life cycle plan will enable strategic decisions to be framed around establishing provision for the long-term maintenance and replacement of both future capital and cyclical works. Whilst the initial life cycle plan should include all cyclical and capital replacement requirements over a thirty-year period, the plan would need to be revisited and reviewed every five years and where applicable estimated costs and /or life expectancy forecasts be updated.
Although Mainstay would envisage one overall Life Cycle Plan, from this plan several ‘sub’ plans would be formulated to cover the estimated life expectancy and replacement cost of key elements, for example:
Internal common areas (lighting, carpets and internal decorations)
M & E (lifts, fire detection, heating, water pumps and leisure plant and facilities etc)
Main building structure (roofs, windows, balconies)
External areas (drainage and sewage)
Apartments reserve (redecoration, carpets and white goods)
Car park reserve (car park ventilation, lighting, pumps, redecoration)
Contingency reserve (unforeseeable (at inception) improvement and or enhancement works required to respond to changes in customer demand)