Property Development

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QUESTION

Development appraisal report for land at Ashton Old Road, Manchester, M12 6LP
Weighting within module This assessment is worth 100% of the overall module mark.
Module Leader/Assessment set by:

Contact can also be made via Microsoft Teams and 1-2-1 appointments can be made by pre- arrangement.

Module Aims

1. To provide students with an understanding of property development as an industrial, financial and socio-political process.
2. To enable students to develop the practical and entrepreneurial skills appropriate to the property development industry.
3. To enable students to undertake a development related feasibility study.
4. To enable students to assess development viability.
 5.    To enable students to create a development appraisal using various techniques

Intended Learning Outcomes

On successful completion of this assessment, you will be able to:
Knowledge and Understanding
1. Demonstrate an awareness of what influences the development process
2. Prepare a basic development valuation
3. Identify the benefits and risks of undertaking a development project
4. Knowledge of the key factors and stakeholders who have a vested interest in a scheme
Transferable Skills and other Attributes
5. Develop independent learning, analytical and research skills
6. Clear and concise report writing to meet a client’s needs
7. Understanding of the key drivers of the local property market
       8.   Good communication, acting always in a professional manner

Assessment Brief/Task

The Manchester Crane Survey, 2021 produced annually by Deloitte provides a useful market insight into construction and property development activity in Salford and Manchester. The report monitors new starts on site, planning applications and permissions and refurbishment schemes to enable a thorough analysis of the quantity and type of new floorspace which has (and is in the pipeline) to be delivered over the next few years. Whilst construction activity is resilient, this can vary quite significantly between the different sectors. The outlook, whilst remaining positive states that there may be an element of “levelling” off in the future.

 A new client has recently contacted your property development consultancy for advice on a potential development opportunity in East Manchester that has been brought to their attention. Whilst they have an established, successful manufacturing business, they have no experience in property development, or any active involvement in the real estate market. They believe that property development is a “high risk/ high reward” activity and would like to seek professional advice before they decide if this venture is the right opportunity for them.

The client has been sent property particulars from a local agent for the sale of land of a redundant public house situated on Ashton Old Road, Manchester (M12 6LP), close to Manchester City Centre and the Etihad Stadium. The current owners submitted plans and an application for planning permission for a scheme of apartments, with ground floor commercial use and have received full consent. This development opportunity is to be sold freehold, with vacant possession and the agent has confirmed that there are no onerous covenants or restrictions on title.

The client are very keen football fans and would like to pursue a development opportunity in this part of the city, as they consider East Manchester to be an “up and coming” area. However, they are a little concerned that the real estate market in Manchester/ Salford may now have reached its saturation point. To make progress, your consultancy has now been instructed to research the NW real estate market, advise on the residual value of the land, and to appraise this opportunity.

The advice will be presented in a report, which will be shared with the client’s investors and must cover all the following:

1. Research the NW real estate market, with a specific focus on East Manchester to provide a full market commentary, which should also highlight any factors, which could have either a positive or negative impact on the GDV or Development Costs for the site. (ILO’s 1, 7; 750 words)

2. Prepare a fully costed valuation to calculate your opinion of the residual land value based on the information that has been provided by the local agent (please see below). The valuation should be presented on a separate excel spreadsheet, but your report must include a clear explanation for the client of the method of valuation and your main assumptions for the GDV and Development Costs. (ILO’s 2,5,7; 750 words)

Site area: 1,500 sq m
Location: Ashton Old Road, Manchester, M12 6LP
Tenure: Freehold
Planning: Full planning permission has been granted
Proposed scheme: Demolition of existing, derelict public house and construction of a 9 storey, new build, single apartment block comprising 54 apartments (12 x 1 bedroom (50 sq m), 39 x 2 bedroom (75 sq m) and 3 x 3 bedroom (100 sq m). Ground floor commercial space, to a “shell” specification of 7,500 sq ft (which may be capable of sub- division)
S106 contribution: £500,000 for a placemaking strategy, in lieu of any affordable housing.
Demolition costs: £75,000 – £100,000
Finance: Available at 7% interest
Build period: 24 months

The market value for apartments in East Manchester can be researched from databases and local property agent’s websites. Resources such as Co- star, can be used for comparable evidence for the commercial space. You will need to make your own reasoned assumptions on BCIS build costs, professional fee’s, developers profit, project contingency and any other required costs.

3. The client is aware that property development is a an inherently high- risk activity and that they are inexperienced in this sector. They would like your report to include an analysis of the systematic and unsystematic risks that they may incur if they were to proceed with the purchase of the land and development of the proposed scheme. This section also include advice on how these could be mitigated. (ILO’s 1,3,5; 500 words)

4. It is expected that that this will be a good opportunity and that the client should now proceed with a purchase of the land. They would like your reasoned advice on how the scheme should be marketed and for any ways in which they could potentially increase the GDV or reduce the Development Costs to increase their profit. (ILO’s 1,3,7; 500 words)

The date for the residual valuation will be the submission date for this coursework assessment. You can make assumptions but please ensure that these are reasonable and have been clearly explained for the client.

This is a fictional property development project, so you should not contact Manchester City Council for any information regarding the hypothetical planning consent. However, the local plan, strategic regeneration framework and LPA website can be reviewed.

The client will be provided with your advice in the form of a report, and this should refer to the relevant valuation and property development procedures which are currently in place in England. Please ensure that all the required points in the client’s brief have been fully addressed and that you accord with the required word count for each specific task.

The residual valuation should be prepared on a excel spreadsheet. The submission will not be complete until both elements have been received. Additional tabs can be used for any supporting information.

Please support all work using appropriate references. You should also use the APA 7th Harvard Style in your submission.

Assessment Criteria
Item                                                                                              Mark

1. Market commentary and factors impacting on value                                                        25%
2. Fully costed residual valuation and reasoned advice                                                         25%
3. Explanation, identification, and mitigation of risks                                                            20%
4. Reasoned advice on marketing and ways to increase profitability                                 20%
5. Presentation and referencing                                                                                                10%

The tasks in this coursework assessment will address the intended ILOs for this module, as previously stated in this brief. The submission will be marked in accordance with the assessment criteria which has been duly outlined and weighted above. Please ensure that you accord with the required word count for each specific section and review all the required tasks, including the preparation of an excel spreadsheet for the residual valuation.

Marking Scale
At Undergraduate Level 4, 5 and 6 the following marking scale shall be used:

Outstanding 90% – 100%
Excellent   80% – 89%
Very good 70% – 79%
Good     60% – 69%
Fair     50% – 59%
Adequate 40% – 49%
Unsatisfactory 30% – 39%
Poor   20% – 29%
Very poor 10% – 19%
Extremely poor       0% – 9%

Word count/ duration (if applicable)
Your report should be no more than 2,500 words and the coursework assessment brief includes guidance on the required word count for each specific task that is required. Your residual valuation should be prepared on an excel spreadsheet and additional tabs can be used for comments.

Any words that exceed the required word count will not be marked and will not count towards your final grade. Additional information can be provided in an appendix if required.

The coursework assessment should be presented as a professional report. Please note that the introduction, contents page, references, conclusion and any appendices will be excluded from the total word count.

Please always review your similarity score and check your grammar prior to final submission.

Feedback arrangements
You can expect to receive feedback within 15 working days of the date of submission.  You will receive feedback via Turnitin.

I will accept 1 draft for formative feedback prior to your final submission.

1-2-1 tutorials and support sessions can also be arranged on Teams, by prior appointment.
Support arrangements
You can obtain support for this assessment by contacting the module leader, or via Microsoft Teams.

askUoS
The University offers a range of support services for students through askUS.
Good Academic Conduct and Academic Misconduct
Students are expected to learn and demonstrate skills associated with good academic conduct (academic integrity). Good academic conduct includes the use of clear and correct referencing of source materials. Here is a link to where you can find out more about the skills which students require www.salford.ac.uk/skills.

Academic Misconduct is an action which may give you an unfair advantage in your academic work. This includes plagiarism, asking someone else to write your assessment for you or taking notes into an exam. The University takes all forms of academic misconduct seriously.  You can find out how to avoid academic misconduct here – www.salford.ac.uk/skills.
Assessment Information
If you have any questions about assessment rules, you can find out more here.

Personal Mitigating Circumstances
If personal mitigating circumstances may have affected your ability to complete this assessment, you can find more information about personal mitigating circumstances procedure here.

Personal Tutor/Student Progression Administrator
If you have any concerns about your studies, contact your Personal Tutor or your Student Progression Administrator.
In Year Retrieval Scheme
Your assessment is not eligible for in year retrieval. If you are eligible for this scheme, you will be contacted shortly after the feedback deadline.
Reassessment
If you fail your assessment, and are eligible for reassessment, you will need to resubmit on a date which will be confirmed to you in due course. You will be asked to resubmit the same piece of work unless advised otherwise.

For students with accepted personal mitigating circumstances, this will be your replacement assessment attempt. Students should be aware that there is no late submission period at reassessment (this includes those students who have an accepted PMC request from a previous attempt).

Late Submission:
Any work submitted after the date and time shown on the cover sheet will be considered late and the mark will be capped at 50%. Any work submitted 7 days after the date and time will be considered a non-submission.

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