Highlights
Task:
Scheme: The site has planning permission for the demolition of existing former light industrial/commercial units and the construction of a residential led mixed use development scheme ranging from 7 storeys to 14 storeys high comprising 104 apartments together with ancillary communal spaces and a commercial unit (A1, A2, A3, B1 and D1 uses) together with amenity space.
Areas: The development incorporates 104 apartments which includes 50 x 1-beds (average size 364ft2), 48 x 2-beds (average size 594ft2) and 6 x 3-beds (average size 1,024ft2). The ground floor commercial unit is 1,102 ft2 but there may be the opportunity to increase this size.
The report for your client should include the following:
1. Description of the site and an analysis of the Manchester/Salford market, including a detailed analysis of the relevant cost/income factors which could potentially impact on the value of the land (ILO’s 1,7, 300 words)
2. A fully costed development appraisal to calculate the land value based on the information that has already been provided by the property agent. This should include a clear explanation of any assumptions which have been made to derive this figure. (ILO’s 2,4, 450 words)
3. Reasoned advice to your client on your opinion of the value of the land, in the context of the asking price of £3.5m and your opinion of the GDV. This section should also include reference to any planning obligations and risks which could potentially have an adverse effect on value. (ILO’s 1,3,7, 450 words)
Knowledge and Understanding
1. Demonstrate an awareness of what influences the development process
2. Prepare a basic development valuation
3. Identify the benefits and risks of undertaking a development project
4. Knowledge of the key factors and stakeholders who have a vested interest in a scheme Transferable Skills and other Attributes
5. Develop independent learning, analytical and research skills
6. Clear and concise report writing to meet a client’s needs
7. Understanding of the key drivers of the local property market
8. Good communication, acting always in a professional manner
Module Aims
1. To provide students with an understanding of property development as an industrial, financial and socio-political process.
2. To enable students to develop the practical and entrepreneurial skills appropriate to the property development industry.
3. To enable students to undertake a development related feasibility study.
4. To enable students to assess development viability.
5. To enable students to create a development appraisal using various techniques
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