MMP 122 Introduction To Property Development Assignment

Description / Requirements

Context

This assignment builds on your/a first assignment and the information discussed throughout the weekly Cloud Deakin modules, lectures, seminars and also the prescribed text; Property Development by Richard Reed, 7th ed. You also may wish to draw upon additional resource material to assist in this assessment task.

There are five separate tasks to be undertaken for the assignment as follows:

Site Summary overview:

Provide only the essential/key information from the site inspection of your first assessment task (A-1). Essential/key information includes planning zones, overlays, dimensions, services on site, relevant authorities, council info and the three SDGs that you incorporated into the development project. For this task, assume that your reader already has a copy of A-1 and that this task is just to summarise the key points for them. The use of tables to summarise your information is encouraged for Assessment 2. Do not copy and paste this information directly from A-1 as this constitutes plagiarism.

Highest and Best Use Analysis (HBUA):

Undertake a highest & best use (HBU) analysis for your selected site and proposed development by examining the four factors of HBU (physically possible, legally permissible, financially feasible and maximally productive). Ideally you will have 2-4 development proposals and all but one of them will be dismissed, leaving 1 proposal as the HBU option. A comparative table of the different proposals (across the 4 factors) would be ideal. A (one) SWOT analysis here would be ideal.

Proposed development:

By drawing on the information sourced via the preliminary site evaluation, ‘planning’ research, sustainability analysis, HBU analysis and market research conducted for A-1, identify and detail what you now propose to develop on the site. Within your development proposal you must include how your development contributes towards the three SDGs considered in the initial design of your project.

Additionally, include one paragraph on how you have considered the state of (and trends in) the global and local economies in your proposal.

To support what you are proposing you should include (but not limit yourself to) a detailed site and design plan (with different ‘aspects’), indicative floor plans including approximate building size, indicative images, car parking, etc. Remember to state the quality of development/ construction finish (e.g.: ‘medium’) and why you have selected this. Here is your opportunity to present to your client your vision for the site.

Financial Evaluation

Part One

You are required to detail & explain the:

1. site purchase value,
2. total construction cost, and
3. development sale value upon project completion.

You should support your purchase and sales value(s) with some sales evidence. This can be obtained from (for example) www.realestate.com.au; www.domain.com.au; www.pricefinder.com.au or speaking with local estate agents.

Note: To determine your building cost you may wish to consult Cordell’s or Rawlinson’s building price books or the ‘Archicentre’ Cost Guide’ to arrive at total costs of the project. Rawlinson’s construction cost guide is available online via Deakin library (use the most recent guide) If your site has an existing residence and you wish to demolish the dwelling, then allocate a notional sum of $30,000 for demolition.

Part Two

Once you have undertaken the above steps, you are now required to undertake a profit analysis. This profit analysis will be detailed in the seminar (tutorial) sessions. Make sure to review the tutorial session related with the profit analysis before you start to work on this part.

Recommendations:

You will need to provide a thorough recommendation to your client, justifying your recommendation on your findings from the market analysis, the highest and best use (HBU) and financial analysis.

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