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The answer to this lies mostly in the structural integrity of the property. If the bones of the building are structurally sound it’s usually more time- and cost-effective to avoid demolition and just remove (aka ‘strip out’) the internal elements that need upgrading.
A ‘soft strip out’ is a sort of half-way-house whereby some of the outer shell of a structure may be removed and replaced alongside the internal works and is worth considering in some cases.
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