Property Asset Management

Property Asset Management
Wates house a building on the University of Surrey site is considered by the University to be surplus to their requirements as a catering outlet

Your organisation has been brought in consider alternative uses of the building. You are required to evaluate the property characteristics for conversion to some leisure activities and/or some retail outlets. Your report should not only cover the physical characteristics but consider all the potential property users characteristics from the perspective of all the potential stakeholders.

There is also interest from a local development company that is interested in acquiring the 5000 sq. metre plot. They intend to build some offices and apartments and houses for sale. The new offices will provide about 3000 m2 (gross) of floor space. Rental income is expected to average approximately ?300 m2 net and show an initial yield of 8%.

The remainder of the site is expected to accommodate 6, 2 bed houses and a small block of ‘loft’ starter flats, which should be on the market at ?150,000 and ?100,000 respectively.

The development will take some 18 months to complete. Finance is available at the market rate.

If the developers could expect a 25% profit. Advise the University on the value of the land to the developer. Assume planning permission would be obtainable.

 

 

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