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HOW WELL DO YOU UNDERSTAND YOUR ASSET?
Key matters, such as climate risks, force us to consider how our buildings operate, perform, and will be adapted in the future. Our building assets today require methodical information about their condition to maintain their fitness for purpose and, with that, their long-term sustainability. We also need to rise to the challenge of understanding and guiding the repair and maintenance of our existing building stock, which have frequently experimented with modern intervention and new materials. This needs to be understood to inform their longevity and potential adaptation. As the number of redundant properties in the market expands, we must also continue to explore viable opportunities for asset recycling and ascertaining a building’s potential for new use; both as part of a realistic carbon reduction strategy and for maximising investment return with existing capitals. A key initiative moving forward, is the development of Strategic Asset Management frameworks.
Underpinning the long-term management of asset portfolios, no matter the scale or budget, it requires evaluating, prioritising, implementing, and monitoring. Accompanying this is a detailed understanding of condition, risks, and the future needs of existing properties, in order to optimise your assets’ ongoing value. Strategic Asset Management can identify positive changes that will ensure purposeful futures. Ways this can be delivered include condition surveys that demystify risk by diagnosing early potential areas of decay, outline repair recommendations, backed by realistic financial forecasts and implemented over defined timescales. The emergence of building information modelling (BIM) in Hong Kong is extremely encouraging as it enables a live digital record of your asset to be used as a managament tool. A model’s capability to capture information, such as MEP routing and energy performance, changes how asset managers operate and how they futureproof their asset.
Top right: Tai Kwun Centre for Heritage and Arts, Bottom right: Hong Kong University Main Building.
Purcell is actively involved in the various stages of the Asset Management process, from evaluating to monitoring the implementation. We bring our insight and expertise from dealing with existing buildings to support and guide the long-term management of complex asset portfolios. Our team has demonstrated experience in developing strategic asset management frameworks, built from a detailed understanding of the condition and future needs of a place. We can support clients to establish priorities specific to their business and facilities management needs balanced with opportunities for adaptive reuse. you can read more about projects that have benefited from Strategic Asset Management Frameworks at www.purcellap.com