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Lecture 9

16234 Lecture Notes - Lecture 9: World Square

2 pages77 viewsFall 2016

Department
Design, Architecture and Building
Course Code
16234
Professor
Vince Mangioni
Lecture
9

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Lecture 9: Feasibility Studies (Theoretical
Analysis)
Feasibility Studies: are a multi-faceted analysis of factors and issues, both present and future, that may
impact on the success or degree of success of a development proposal
Analysis of the following points related to the development proposal:
o The proposed development site, physically and location issues and a comparison of the site to other
developments
o Surrounding development
o Present and future competition from other developments
o Demographic changes
o Local issues that may enhance or impact on the development
o The attitude or views of planning authorities towards development
o Selecting the style of development (i.e. 1, 2 or 3 bedroom units). Done so by demographic studies
o Establishing a target market and marketing strategy
Full and thorough analysis of the market including:
o Sale prices
o Leasing evidence
o $ / sq m of site
o $ / unit / townhouse site
o Capitalisation rates
o DA details
o $ / m2 construction costs
Development Past, Present and Future
o This information is best obtained from councils development application register, which are also
advertised
o The process of undertaking this task provides three vital pieces of information to the developer
o The number of units / office space that have been placed on the market, which assists in assessing
the gross realisation for your development
o Assists to build a profile of other developments your development may be competing against when
your development comes onto the market
o Allows the developer to match development applications to sales, in order to build a site sale profile
A site sale profile will allow the developer to assess the price paid for development sites by
other developers
o Access to sales data bases, provided sales and leasing details to property professionals
o This allows market transactions to be used to deduce $/sqm, cap. rates and rentals
Locality Overview
o Current and recent issues need to be considered, there details may be obtained from local papers,
council or the local library
o Residential:
Changing road patterns and traffic directions
Changes to flight paths
Other developments that may build out views
o Refurbishment of surrounding buildings
o Tenancy mix in the precinct and industry being serviced
Banking and finance, legal, medical
o Demand for office space v other uses
World square
o Allows the developer to measure the strengths and weaknesses of the development locality against
other developments
Know your Location
o Many developers operate area(s) specific particularly at the smaller end of the market
o Developers get to know their area in detail and are able to identify with other developers, councils
and associated professionals
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