Determine Viability of Regeneration Options in the Property Industry Assignment

Assignment Task

Case study: Residential land uses

Toby Franklin bought a parcel of residential land with the view of demolishing the old home on the land and building ten three-bedroom townhouses. The land is zoned for multi-dwelling housing, in other words, medium density. Toby had the idea of making a lot of money.

Background

When Mr Franklin bought the land, he was aware that the LEP defines the land as being within a 'heritage conservation area'. However, he believed that the LEP planning objective of medium- density housing in the locality would override the heritage issue.

Mr Franklin was wrong. After two years of arguing the merits of the proposed development with council planning and development control officers and having spent $80 000 on the proposal so far, Toby realised that the application was not going to be approved and so withdrew it.

The council's position is that the 'old house' is an excellent representation of dwellings of the early 20th century (circa 1920s), has significant heritage value and therefore must be retained. The dwelling can be extended and renovated but the original building must remain.

Mr Franklin now realises that if he places the property on the market, any prudent purchaser will find out what has happened and that they will be unable to develop the land for townhouses. He is now very concerned that he will lose a lot of money and decides to seek professional advice. Here are the details for this case study:

Your task

There are two parts to this task. Part 1 is practical and will require you to apply your knowledge and skills to the above case study. Part 2 consists of three questions which require you to demonstrate your knowledge of key concepts in determining asset regeneration options.

Part 1

Using the above information, you are to assume that Mr Toby Franklin has instructed you to provide a speaking report (shortened version) addressing the potential of the land and to recommend options on revitalising (regenerating) his property asset.
You can make any assumptions and report limitations that you consider appropriate, provided they are clearly outlined in the report.

Your investigation, analysis of the information and report should enable you to put your knowledge acquired to date to practical use. The investigation and report must consider the highest and best use of the land and may contain sale or development options.

Part 2

In order to get the maximum marks for each question, you need to provide a clear, carefully considered and well-researched answer.

Question

1. What sources of information would you use to determine relevant economic and market development trends? How would you ensure that the information is reliable and sufficient?

2. You have just completed some extensive research for a regeneration option job for your client. You are now at the stage of evaluating the options - let's say there are three options. What strategies would you use to evaluate the best option? How would you ensure that the strategies you use are reliable and efficient in the use of time and resources?

3. Describe a strategy that you could use to improve your assessment processes.

This Business Economics has been solved by our PhD Experts at My Uni Paper.