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Heriot-Watt University – School of the Built EnvironmentREAL ESTATE DEVELOPMENT1.IntroductionThis project is designed to further the achievement of the objectives set out for the course and will form part of the course’s assessment.

2.Specific Objectives

To develop an understanding of, and skills in:•the process of market and site analysis;•the process of selecting potential options and uses;•the problems associated with determining the variables to be used in the appraisal;•the method and accuracy of development appraisal;•the presentation of analysis and recommendations in report form.

3.Submission and AssessmentYour report must be submitted by 1400 hours on Wednesday, 9 March (i.e. week 9 of Semester 2). The submission should be typed and in report form (see report details below). Your report will be assessed against the criteria set out in section 8 below.

This coursework will count for 30% of the course mark (the exam counts for the other 70%).

4.ContextEdinburgh is a modern European Capital City. Its city centre enjoys an urban character unrivalled by any other city in the UK and has been designated a World Heritage Site. It is the seat of the Scottish Parliament and has a dynamic and diverse economy and a cosmopolitan vitality and vibrancy. It is both an important retail centre and a popular tourist destination. Edinburgh is also a significant commercial centre, being the sixth largest fund management and second largest banking centre in Europe, overtaking the financial strongholds of Frankfurt, Milan, Zurich and Madrid. It is also the seat of the Legal profession in Scotland.

Edinburgh is also a major tourist destination and famed for its castle, Royal Mile and as a centre of history and culture. The city boasts various festivals and major events supposedly take up 11 of the 12 months in the year. The accommodation and hotel sector is therefore a very significant and vibrant industry.

It is within this context that a potential refurbishment of Haymarket House immediately opposite Haymarket station has become available. Location maps and site plan are provided within the property brochure which is copied to Vision>……….assessment. The property is an existing but obsolete 1960’s office building. You are requested to evaluate and provide recommendations on the potential of this refurbishment/development option.

5.ParticularsThe property is currently owned by a major UK property company and it is their intention to lease the property to a hotel operator. The landlord would be responsible for converting the property to a hotel.).

The full brochure is on Vision> assessment>…………You can also access images of the site through Google street view.

Being opposite Haymarket railway station which will also become a tram stop and right on a major transport hub, the location of the building is very prominent. The building itself is set between Georgian (traditional) terraced buildings of moderate (3 storey) height. To the rear of the property is a substantial twin deck car park accessed from Roseberry Crescent Lane to the west of the building.

The current owner, may also be prepared to refurbish the offices and requires your advice as to which refurbishment option they should pursue. Please see appendix 2 for a list of existing and list of proposed gross internal areas.

6.InstructionsYou have been instructed by the owner to advise them on the development potential of the above property. In particular, your report should include recommendations (supported by justifications) on the following issues.

•The best use to generate within a refurbishment scheme: hotel or office•For each of the two uses: the net development value of the proposal, and the project’s internal rate of return.•The recommended option to pursue.

7.Marking ScheduleReport structure including layout plan15Site/Market Analysis and Justification of Proposal/Figures35Appraisals (RSV, cash-flows)35Conclusion/recommendations15Total100

The allocation of marks gives an indication of the time-commitment to be devoted to each aspect. Report writing skills are important. If the report is difficult to follow or contains typos and spelling errors, you are unlikely to obtain further business from clients. There is nothing intrinsically difficult about report writing yet many students underperform on this issue. For this reason, 15% of the marks have been allocated to encourage you to improve your report writing skills. There is no reason why you cannot obtain almost full marks for this aspect.

It is expected that considerable time will be devoted to the appraisals, as this requires you to develop your spreadsheet skills and master the developer’s budget. For this reason 35% of the marks have been allocated to this task. As important is the market analysis and the justification of your proposal and figures to be used in the appraisals. This has been allocated 35% of the marks. It is expected that less time will be devoted to risk analysis. Notice, however, that 15% has been allocated to the conclusion/recommendation section. Clearly, more than a short paragraph is required. This may not take 15% of the total time to complete but it will entail critical thinking. You need to reflect on your findings, go beyond the figures and arrive at reasoned recommendations.

8.Report FormatThe technical requirements of the written submission are as detailed below.a.The length of the written submission should not exceed 30 pages. This total is inclusive of the report narrative and appendices. The latter can include plans, appraisals and data.b.For each page in excess of the limit referred to above, there will be a deduction at the flat rate of 5% per page.c.Use Times New Roman 12-point font and single spacing throughout (with adequate spacing between paragraphs) except for headings and title pages. Microsoft Excel spreadsheet calculations in the appendices shall be at least 10-point font.d.Use an appropriate front cover. A template will be made available for download on Vision.

9.Further GuidanceA guide to addressing the coursework and presenting your findings is provided in Appendix One.

10.RestrictionsYou must not for any reason contact the selling agents directly or any other individual or organisation involved. The property profession have been very generous in the provision of data, information and talks and there immense is acknowledged. All campus based students are expected to visit the site. However, you are not permitted to enter the site.


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