Property Market Principles Assignment 1: Case Study for 14 Huron Street, Takapuna

1 127.241 Property Market Principles Assignment 1 – Case study worth 30 % of your final grade INDIVIDUAL ASSIGNMENT for 14 Huron Street, Takapuna Due Tues day 27 th April 2021 , 11.59 pm, uploaded into stream A developer who is looking to purchase a property employs you to help with development planning. Prepare a report where you determine what the highest and best use is for the property situated at 14 Huron Street, Takapuna . The definition of highest and best use is: “the use of an asset that maximises its potential and that is physically possible, legally permissible and financially feasible.” (International Valuation Standards Council). Consequently, you should base your a nswer upon the physical, legal and financial dimensions of the property. 1. Physical: You should briefly describe the property, the location and any other pertinent factors. What is the property best suited for , or what can it accommodate practically ? 2. Legal: What does the District or Unitary Plan say you can do with the property? You will need to visit https://www.aucklandcouncil.govt.nz/plans -projects -policies - reports -bylaws/our -plans -strategies/unitary -plan/Pages/default.aspx As a special part of this assignment make comment on three aspects of the zone that you determine from the Auckland Unitary Pla n that enhance the sustainability for the physical environment. Are there any restrictions in terms of the proposed Record of Title ? Not e that you should use wording like “as if record of title issued” or similar wording to describe the current unissued title status. 3. Financial: What current market trends help to justify your development choice ? You do not have to carry out a detailed financial feasibility; however, any broad indications of the project cost and the final value would be highly regarded. As part of your answer, you will need to consider if the existing use is in fact the highest and best use. With points 1 -3 inclusive you need to critically analyse each possible option (i.e. residential, retail etc.) by evaluating the advantages and disadvantages . Also, include a recommendation for how the property should be developed, or what other course of action is recommended. DO NOT CONTACT THE AGENT OR OWNER or go on to the property. Use only web -based source s to inspect the property (Google street view, Google maps, Online Maps etc.) Comply with all NZ Government Covid -19 protocols You can look at the property from the roadside only. Be respectful if there are people there by not photographing them. 2 Marking guidelines Structure A well -formatted and clear document. It should include: 1. Title page. The report title, authors, author’s organisation, client, and date of completion should all be here. 2. Introduction. This should explain the rationale for the report, subject property description, report content, indications on how the report use, limitations and key recommendations. 3. The other items mentioned below, such as the discussion section, conclusi ons and recommendations. The content of the discussion and recommendation sections are assessed below. Total marks out of 10 Comment if any Discussion: Clear, logical and accurate discussion of physical, legal and financial aspects is used to justify selected highest and best use. A thorough research process should support your discussion. As part of this process you need to critically analyse each of th e options by evaluating the advantages and disadvantages of each option put forward. Internal Massey code: CRIT Total marks out of 50 Sustainability : At least 3 aspects of land development identified in the district plan that enhance sustainability are identified. Internal Massey code: ENVIRO Total marks out of 10 Recommendation : Concisely stating the main recommendation of what the highest and best use is. Total marks out of 5 Academic writing: Writing is fluent, coherent and concise, and spelling and grammar show evidence of meticulous proof reading. Adherence to a n 180 0-word restriction, excluding references, Place the word count at the end of the main body of the report, just prior to the reference section. Internal Massey code: WCOMM Total marks out of 20 Referencing: In-text citations and the reference list are complete, accurate and formatted consistently with APA style. Any supporting documentation, provided in the appendix. Total marks out of 5 3 Guidelines for writing reports In setting these assignment guidelines from the introductory Accounting course (115.112) have been used because it should be a format familiar to both Construction and Property students alike. Please use a reasonable layout that needs to be focused, concis e and summarised. The following extract may be of assistance: ‘Writing reports gives practice applying theoretical concepts to a real -life context. If you are planning a career in an organisational context, it is likely that at various stages in your career writing reports will be required. Learning to write a report, therefore, is not just a method by which your lecturers evaluate you; it is also part of professional development, and a way of learning business principles, integrating them into your cr itical mind. Organisations call for reports when they have difficult decisions to make. They therefore require the author to exhibit investigative skills, judgment and the ability to write persuasively. Writing persuasively for a report, means that you nee d to appear to be objective. You are required to produce proof or evidence to support your ideas. It is not enough to recommend a course of action; you need to explain why this is the best solution, what its short and long term results will be, and explain the reasons. Remember above all that a report is a practical project. A report assumes that someone has a problem and they want guidance on how to deal with the problem. If you are writing for a particular person, keep that person in mind. Focus on their needs and recommend a solution that can be implemented. Be specific: avoid generalisations …’. (Emerson, L. (2000). Writing Guidelines for Business Students. pp. 32 -33. Palmerston North, Dunmore Press.) 4 The following is an example of a basic report st ructure (to follow the heading): Title Page Introduction 1. Identify subject, context and specific problem. 2. Define specific objectives Discussion/Analysis 1. Sub -divide into logical units 2. Use headings and arrange into logical sequence 3. Present ev idence to support conclusions 4. Focus on objectives (the specific problem) Conclusions/Recommendations 1. Relate to objectives 2. Follow from facts (Extract from Emerson, L. (1998) Report Writing, p. 2. Student Learning Centre, Massey University.) Your assignment report does not require an index, introductory letter etc. Fuller guidance may be found on the Massey website: http://owll.massey.ac.nz/assignment -types/business -report -writing -resources.php 5 Information from the Bayleys Marketing document. (Do not contact Bayleys or the owner for anything else please) 6 7