A it might be the ultimate poisoned chalice, if you try to do it on your own. It’s a job for a team of outside experts, and you should persuade your principal to let you go out to tender for their services. If they get it right it will be a very detailed report on the condition of your buildings(get them to egg it well), an account of the curriculum plans of the college (full of words like ‘inclusive’, ‘flexible’, ‘client-oriented’ and ‘demand-driven’), an analysis of possible options, all but one of which you have to reject vehemently, and a set of proposals which improve your space utilisation factor to the point where students are sitting on each others’ knee because they have to, not because they want to.