As the UK takes a step towards a greener, cleaner future aiming to be net zero by 2050, continuous development of the power network is required. A clear solution is offshore wind, having already proved its feasibility and success in nearshore sites. However, a large majority of near shore sites in the UK are already being utilised. The next step is to move into deeper waters and utilise the stronger, more consistent wind resources. A solution could be floating offshore wind which is still in its infancy, with only a few operational floating wind farms installed. Building upon the multidisciplinary design, analysis, and optimisation framework (MDAO) for floating offshore wind turbines (FOWT) being developed at the University of Strathclyde, called FEDORA, the aim of this work is to refine the LCoE model adopted by FEDORA, and applying it to perform the optimisation of the floating offshore OC3 SPAR. There is limited data on cost, therefore Hywind Scotland Pilot Park will be used as a basis for the LCoE model, allowing the results to be validated. This model is not restricted to SPARs, as it establishes a general methodology to calculate the life cycle cost of floating offshore wind farms. Utilising the improved cost model this work finds four optimised SPAR structures for four different maximum angles of inclination which can be experienced in the wind turbines operation. The improved cost model has a much higher accuracy, highlighting the initial cost model underestimates the cost of the SPAR structure by around half.