Finance Report on Historical Building Preservation and its Value

This report provides a comprehensive literature review on the finance aspects of historical building preservation. It explores the vital role historical buildings play in society, emphasizing their value in heritage and cultural preservation. The report delves into the significance of sustainability and regeneration in relation to these buildings, highlighting the importance of cultural heritage policies and governance. It examines the application of life cycle analysis, showcasing the advantages of preserving heritage sites. The report further discusses the preservation processes, treatment approaches, and value creation associated with historical buildings, including the amenities they offer. It also explores the financial implications of these buildings, emphasizing the economic benefits of their preservation and reuse. The report concludes by emphasizing the importance of historical building preservation for maintaining cultural heritage and promoting sustainable practices.

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Table of Contents
Literature Review............................................................................................................................2
Introduction..................................................................................................................................2
Role of Historical Building..........................................................................................................3
Heritage and Sustainability..........................................................................................................4
Heritage and Regeneration..........................................................................................................5
Cultural Heritage Policy and Governance...................................................................................6
Life Cycle Analysis.....................................................................................................................7
Heritage Sites...............................................................................................................................7
Preservation Process..................................................................................................................10
Treatment Approaches...............................................................................................................11
Value Creation...........................................................................................................................12
Amenities...................................................................................................................................13
References......................................................................................................................................15

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Literature Review
Introduction
Historical Building is of vital importance whereby it is essential to understand that the
same adds a value to nation’s heritage. Preservation of the historical building also adds value as a
social environmental practice allowing the countries to respond to social and environmental
issues. Reusing the historical buildings acts as essential recycling programmes, which allows
reusing and better utilizing the property for the purpose of exploration of better knowledge and
ideas associated with the same. Every Architecture construction has its own benefits and its
uniqueness in the way it has been created (Guy and Shove 2014). Durability of the materials,
proper and good ventilation and spatial relationship associated with the historical buildings are
some of the key and common features that allows the historical; buildings more favourable.
Modification and Creativity are some of the key application that can be applied in the old
historical buildings for redefining the value of the historical buildings. Modern Buildings and
Architectures are more preferred because of the better infrastructural support they provide
(Emeraldinsight.com 2019). However, on the other hand historical building has its own
uniqueness because of the fact of its unique character and the knowledge they provide. The
historical buildings can also be upgraded based on the modern equipment, amenities and tools
for supporting the required infrastructural facilities. Up gradation to new facilities and support
will not preserve the existent rich culture and architectures but also will be a legacy in utilizing
and maintaining the same (Irbnet.de 2019). Preservation of the old historical building maximizes
the value of the old historical buildings thereby providing infrastructure support, reduces the
wastage in creation of new buildings and preserves the historical character of cities and towns. It
is essential to note that preservation and sustainability are interlinked where the same aspect

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needs to be taken into consideration for the purpose of the analysis. The preservation process for
preventing the historical buildings and properties should be based on the various rules
regulations and policies, which guides the workings and the guidance for the maintenance and
development of the properties.
Role of Historical Building
Historical Buildings plays a vital role and importance in the overall functioning of the
society as they create a value for the society in the form of historical preservations. Various
economies and countries have applied several rules for protecting the cultural resources in the
United Kingdom. The landscape in maintaining the rich heritage culture in the United Kingdom
is varied and rich. There are variety of institutions and organisations in the United Kingdom that
supports variety of activities, which are engaged in the preserving the rich cultural through direct
and indirect measures and activities performed (Futuremorph.org 2018). Universities, Research
Institutions to varied amount of national and regional museums, libraries and galleries are some
of the common forms of the historical architecture. Various economic and social support variety
and wide research activities by organisation’s and institutions. The research and activities
performed by these institutions helps in increasing the know-how and knowledge about the
architecture building (Kylili and Fokaides 2015). A quality research about the value, significance
and importance of the historical buildings can also be meet significantly, where researchers
would get to know more qualitative investigations on the architectural properties. They are even
beneficial in the various aspects as discussed like providing superior economical and investment
value, knowledge and cultural preserving method (Graham, Ashworth and Tunbridge 2016). On
the other hand side there should be also various rules and regulations for following and maintain
the historical buildings and properties.

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The construction and the architecture property in the United Kingdom is the largest
whereby a maximum number of employees gets recruited in the construction industry. Around
2.35 million people are directly related and involved in the construction industry which is around
8% of the workforce of United Kingdom (Wang, Toppinen and Juslin 2014). There are several
issues and challenges that needs to be taken into consideration in the UK Property Market where
the key focus has been reducing the wastage, carbon reduction, energy security and efficiency of
the resources. The built environmental sector in the United Kingdom has lot of development
programmes that needs to be initiated which would be creating a sustainable environment for the
society. The Construction industry of the UK has taken several measures and actions for creating
a sustainable environment where key actions such as Climate Change Act and Reduction of
Carbon Emission by about 80% till the year 2050 are the key actions taken. It is key to note that
half of the carbon emission is directly linked with the built environment. The solution for the
reducing the carbon emissions in the form of new buildings will not be an ultimate solution.
Refurbishing the existing building and adaptation of the same needs to be taken into account for
the purpose of the analysis. There should be various initiative taken for refurbishing and
adaptation of the existing buildings for increasing the economic value of the properties.
Heritage and Sustainability
Heritage assets are an essential element for sustainable development. The re-use of these
assets can be utilised to enhance the local economies, bring in investment, highlight the local
distinctiveness and bring in values to the properties that are nearby. This is echoed by the
government with their overarching goal that historic environment and their heritage assets need
to be preserved and enjoyed for the quality of life they put forth to the current and the future
generations. These buildings are an essential dimension for our sense of history and place that

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can determine the innovations and aspirations of the current time period. The replacement of a
building creates a demand for an extensive amount of investment towards energy. The re-
utilisation of the heritage buildings protects the embedded carbon released during the
manufacturing of the materials utilised in these assets. Furthermore, energy would be even be
release at the time of demolition, waste disposal and in the production and transport of the raw
materials for the replacement and renovation of the building. Hence, a new building has to have
extensive level of energy efficiency in order to create a balance over the general pay back
periods. This is the reason why the re-use of the historical buildings has been given priority in
most of the time possible at the current environment.
Heritage and Regeneration
Heritage assets can be reviewed as a barrier in the regeneration of the property because of
the lack of maintenance and adequate support facilities that are required for supporting the
infrastructural support of the same. Heritage asset are not only recognized for the purpose of the
extensive style of designing and creativity but also for the purpose of matter of recognition. It is
not possible every time for the creation of new properties by demolishing the old architectural
properties (Mısırlısoy and Günçe 2016). It is however recommended that with the rising
technological up gradation and developments several facilities and amenities and necessary up-
gradation and refurbishments of the historical building could be done based on increasing the
economic value of the properties (Munarim and Ghisi 2016). Historical properties are of great
importance in the form of the knowledge given by these properties. The preservation of the
historical property serves as a great base of information and knowledge for individuals and
institutions for the purpose of the analysis (The use of historic buildings in regeneration 2014).
The key beneficial usage and application of reusing the existing building would be

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accommodating the same without affecting the conversation value of the same. Both costs and
benefits are indeed associated with the restoration, refurbishing or reconstructing the old
historical properties in the form of maintenance cost and other construction cost. However
benefits in the form of tourist income, value creation, sustainable environment and social
programmers are some of the key benefits and achievements will be the highlights of the
historical properties.
Heritage assets are unique and each of the property has its own features as each of the
property varies in functions, feature and the vintage the property is depended on various factors.
However on the other hand it is not only necessary but also required that the historical property
should be well guided by the varied level of policies, rules and regulations in order to faceplate
the smooth maintenance of these properties (Fabbri and Pretelli 2014). Modification and
Creativity are some of the key application that can be applied in the old historical buildings for
redefining the value of the historical buildings.
Cultural Heritage Policy and Governance
Cultural Heritage is well maintained and managed by the Department/Ministry of
Culture, Media and Sports (DCMS) IN England. The department has undertaken various actions
and policies for defining and maintaining the overall operations of the company. The department
takes account of special preservation of the resources of England by deploying both financial and
non-financial measures for preserving and maintaining the same (Wbdg.org 2019). The DCMS
also sponsors and encourages various public institutes and bodies for protecting and maintain the
cultural and historical buildings. Several Museums and Galleries like National Museums &
Galleries (NMG’s) are sponsored by the DCMS. The historical environment of the England is
well conserved by including the historic maritime environment, archaeology and various other

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landscapes in England. The need for protecting the Cultural Resources is well mandated by the
use of active historical buildings for preserving the national heritage and public benefit. The
mandated active usage of the historical buildings can be well applied, as the same not only
creates economic sense but also preserves the legacy. The identification of various buildings,
historical and archaeological sites, objects, structure are well identified by the National Register
of Historical Buildings and Places. There have been several mandates and programmes that have
been implemented by the Archaeological Resources Protection Act (Ashworth and Perera 2015).
Life Cycle Analysis
The recent developments in the life cycle analysis of the designing of the various
products thereby expanding the same into the building/constructing materials thereby allowing
the team for reviewing the new construction and its structural properties. Existing building on the
one hand reduces the climatic impact over newly built buildings. An approx. of 30 Years is total
life cycle of the newly built building structures where the buildings do not recoup energies when
the same is measured against other buildings, which are in the form of renovated old buildings.
Hence, it is crucial to note support that is more infrastructural and developments are needed to
extend or mature for reusing the older buildings that would be resulting in an immediate positive
influence on the climatic conditions (Hegazy 2015).
Heritage Sites
The heritage sites like U.S. Courthouse at Washington, Union Station in the firm of Reed
and Stem that was constructed in the year 1911 and was renovated in the year 1987 (Judd 2015).
The uniqueness of the property in the form of Tall Ceilings, grand ceremonial and generous day
light makes the historical building more attractive and a significant value for the purpose of

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investment. The historical buildings makes a great value for the purpose of investment
(Lorenzoni et al. 2016).
The US Court of Appeal Buildings in San Francisco, California is also one of the historical
Architectural. The onsite surveys and significant features are to be retained as a part of the
preservation plan by the respective departments.

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There are several benefits including preservation of the historical architecture and
preservation of the old cultural values that includes:
 Retention of Rich Culture and Historical Values of the Architectural Buildings as the
buildings commemorates the past. It also reflects the texture, craftsmanship and the
various architectural site that is well reflected by the application of the contextual human
style and efforts.
 Rich in Economic and commercial value with the increased value and benefits produced
by the historical buildings. The materials, ornaments and techniques used is also unique
which increases the value of the properties. High Investment value is reflected due to the
uniqueness and durability of the properties that makes it suitable for classifying the
historical property as an investment value.
 Sustainability and Recycling of the Properties is the main advantages that is reflected
with the help of the old architectural properties. The usage of the old historical building
helps in the process of reduction in the construction process and time. Debris collected
from demolishing the old historical properties would also be saved from the same.
 Existing usage and application of the better space would be better applied in the form of
quicker and better occupancy of the various properties will be rehabilitation of the
various costs of properties.
 Energy and Cost savings in the form of better and efficient application of the historical
buildings are some of the key concerns that should be taken into consideration for the
purpose of analysis. There would be applicability of various energy savings in the forms
of savings of energy for the purpose of the demolition of the property. Reusing of the

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infrastructural property would not only result in the reduction of lower investment value
but on the other hand, side would also increase the economic value of the properties.
Preservation Process
The preservation process for preventing the historical buildings and properties should be
base on the various rules regulations and policies, which guides the workings and the guidance
for the maintenance and development of the properties. The built environmental sector in the
United Kingdom has lot of development programmes that needs to be initiated which would be
creating a sustainable environment for the society. The Construction industry of the UK has
taken several measures and actions for creating a sustainable environment (M.heritageportal.eu
2019). The key preservation process that should be applied and were identified are:
 Identification of the Property, which includes identifying the various material
information about the architectural property and the location of the property (Ashurst
2016).
 Investigation of the property needs to be done based on the existence of the property and
the benefits provided by these properties. The investigation of this property would
certainly be based on the basis of the development and the type of infrastructural support
that would be required for the preservation of the property (Heydarian et al. 2015).
 Developing the historical architectural property would be done after the careful analysis
of the various infrastructural support and amenities that would be required in the
property for increasing the economic value of the property. Thus, the aim of the
development of the historical building would be to increase the amenities and facilities
of the property so that it can provide better infrastructural support (Akande et al. 2016).

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 Executing the planned activities of the development of the various historical properties
would be based in accordance with the support that would be required for increasing the
economic value of the properties.
 Education and Historical knowledge about the various museums, galleries and
architectural property that would be beneficial for the purpose of education. Historical
properties are of great importance in the form of the knowledge given by these
properties. The preservation of the historical property serves as a great base of
information and knowledge for individuals and institutions for the purpose of the
analysis.
 The replacement of a building creates a demand for an extensive amount of investment
towards energy. The re-utilisation of the heritage buildings protects the embedded
carbon released during the manufacturing of the materials utilised in these assets.
Furthermore, energy would be even be release at the time of demolition, waste disposal
and in the production and transport of the raw materials for the replacement and
renovation of the building.
Treatment Approaches
The treatment approach undertaken for the treatment of the historic properties has been
identified in four major categories where the treatment of the historic property has been well
described defining the significance of each. The four distinct approaches presented are:
 Preservation: Preservation focuses on the maintenance and stabilization of the
historical materials that has evolved over a period (Wbdg.org 2019).
 Rehabilitation: Rehabilitation of the property takes into account the value of adding or
altering the historic properties so that key amenities and better infrastructural support