This assignment aims to further develop your understanding and application of key issues/factors affecting Property Development (PD) and urban development and is based on a real-world scenario. Students will perform the role of preparing a development proposal and will provide advice and guidance to a major industry developer.
For this assessment you will begin to utilise EstateMaster DF also. Please open, use and become familiar with EM DF as you work on A-1. You will find notes on EM DF in the unit’s resources.
Please be sure to also check the many other supportive documents that accompany this A-1 task sheet.
Note: this task requires innovative and sustainable development proposals, as well as a justifiable HBU.
This assignment builds on the information discussed throughout the lecture series and the prescribed text, Property Development (2020) by R. Reed. It also seeks to build an advanced understanding upon the theoretical knowledge you gained in MMP122 ‘Introduction to Property Development.’
Overall, this project is designed to allow students an advanced appreciation & understanding and application of the following:
a) Inter-relationships between planning, valuation, design, HBU, economics and construction.
b) An appreciation of the cross-disciplinary and cross-professional nature of the PD process and,
c) Affinity with professional practice and methodology in the real world.
Learning outcomes and skills development:
This project is designed to:
- Allow students to identify PD stakeholders and engage with, at a complex level, the planning/legislative framework and community context of the property development market.
- Develop student’s analytical understanding of the cost and economic structures of a PD market.
- Formulate and present a marketing and sales strategy evaluation for their proposed development.
- Involve students in a complex development planning process in the context of a realistic project, including preparation of their detailed proposal and map for a site,
- Develop further the students’ understanding of the financial inputs and outputs of the development process,
- Develop further a student’s project process and planning skills of a complex theoretical project.
- Begin work on the EstateMaster file, its set-up and propagation.
- Help students understand that PD works in a global environment in terms of funding, sourcing and sales. (GLO8)
Approach:
Note that some of the seminars in this unit are project driven. You are expected to participate in discussion with your peers and tutors and use the time to develop your thoughts and ideas about this assignment.
| Tasks guide. | Additional information | ||
| 1. | SITE INVESTIGATION, DOCUMENTATION AND ANALYSIS: Perform and document a site selection/investigation/analysis. This section should be detailed and sophisticated. Prepare and use tables, charts, maps, etc. |
A desktop site inspection that includes:
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| 2. | MARKET RESEARCH. Discussion of current and expected market conditions. Investigate supply & demand conditions of the site and it’s market area. |
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| 2.1 Market RISK. | Consideration should be given to ‘property cycles and this proposal’s start, sales, and settlement dates against those cycles. Consider economic indicators that affect risk and suggest approaches to risk minimisation (e.g., development construction/release phasing). Include a Risk matrix: see the class notes for the matrix template. |
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| 3. | HBU Analysis. Perform a highest & best use analysis (HBU-A) |
Undertake a highest & best use (HBU) analysis and identify the best development for the proposed site. (Include a chart of projects you considered and rejected.)
Demonstrate an entrepreneurial approach and original thinking in your development proposal (function and design) Consider creative options such as mixed-use, prefab, community living, CLT, and/or social housing, etc. Briefly include discussion of potential planning changes and how they may affect your proposal. Your report should have a focus on sustainable development (GLO8), including the 5 principles/components of sustainable design (MOTIV) and possibly also a sustainability marketing focus. Include a Business Case for Sustainable (BCfS) matrix. Include a rough RLV analysis, see the Excel template. |
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| 4. | MARKETING. Develop a marketing/sales plan for the final product. NB: marketing is more than just sales. |
Provide a recommendation for the marketing (the 4-Ps) and sale of your development. (NB: Marketing and sales are not the same thing.)
Discuss timing of promotion and marketing materials in terms of cost and effectiveness. Identify marketing channels and your target audience, including a potential international perspective. Describe how the marketability of your project matches to your target market. |
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| 5. | EstateMaster | Students are requested to (partly) propagate and then to submit an EstateMaster DF file in addition to their written report. | |
Assessment Criteria:
This assignment will be marked as follows: (per the rubric),
Task A. Select and analyse a site to establish its development potential. 16 %
Assessment is on the quality of site selection, situated environment, planning navigation
and market research analysis.
The site selected must be of large scale, one that allows at least 200 dwellings.
Site selection: see Tom if you are un-sure. See Tom also if you would like to propose a
re-development of the Deakin Burwood campus (‘in-fill’ or ‘Deakin-Village’) as your project.
Task B. Assessed on the quality of your determination of HBU and the level of your 48 %
entrepreneurial/innovative approach to a development proposal.
Task includes the preparation and appraisal of a development proposal and your evaluation
of its rough feasibility, sustainability, development risks and initial risk mitigation strategy.
B.1: Include a risk-matrix in this section.
B.2: This section should include a residual land valuation (RLV) analysis in Excel.
B.3: Include a X-MIND mind-map for the PD process. See the template in Week 2.
(Link: https://www.xmind.net/download/ )
Task C. Marketing (the 4-Ps) & sales strategy. 24 %
Assessed on the marketing presentation and the balance of the marketing ‘mix.’
Images, branding and a project logo are needed.
