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You are a junior surveyor working in the development appraisal department of Real Solutions plc, a multi-disciplinary practice. Real Solutions have been instructed to advise Hingley Holdings as to the viability of an office

Assignment Task

Scenario

You are a junior surveyor working in the development appraisal department of Real Solutions plc, a multi-disciplinary practice.

Real Solutions have been instructed to advise Hingley Holdings as to the viability of an office development site which has the benefit of planning permission for their proposed Hingley Heights edge of town office scheme, the details of which are available in Appendix 1.

An office junior has carried out an appraisal for this purpose, but your Line Manager is concerned that it contains some misapplications and errors. Accordingly, your Line Manager has asked you to double check the valuation, which is available as an Excel spreadsheet in the Assignment 2 preparation week on the VLE and to provide an annotated commentary highlighting anything you believe to be an error, why it might be incorrect and to suggest a way of correcting it.

Your Line Manager is also instructed in respect of The Birches, a small residential development on an infill site and has produced a residual to calculate the maximum land bid for the site in question. This valuation is available as an Excel Spreadsheet in the Assignment 2 preparation week on the VLE. Your Line Manager would like you to carry out a sensitivity test to determine the impact of two possible scenarios on this land bid so that he can provide appropriate advice and recommendations to the client.

Your Line Manager runs a series of lunchtime CPD events for the staff of the department and would like you to prepare a presentation to be used in the next CPD event.

Task

Write a report with three parts for your Line Manager that:

  1. Highlights the errors in the appraisal of the Hingley Heights scheme;
  2. Provides a scenario test of The Birches with appropriate advice; and
  3. Contains a CPD presentation that provides the required critique of the residual under the given title.

Task 1

Using the Hingley Heights scheme details (see Appendix 1) and the residual provided on the VLE (see Assignment 2 preparation week), identify the possible errors in the appraisal and provide an appropriately cross-referenced commentary explaining every mistake identified, why it is an error and how it can be corrected.

Task 2

Using The Birches Residual (an Excel version of which is available on the VLE in the Assignment 2 preparation week) model the following two scenarios and provide advice for your firm’s client as to what might be done to mitigate against any adverse impact these scenarios might have.

  • Scenario A : a rise in build costs of 8%; a rise in the finance rate of one whole percentage point and an increase in the building period of one extra month per
  • Scenario B : a rise in build costs of 4%; a rise of 4% in the sales prices of all the dwelling houses and an increase in professional fees of 2%.

Task 3

Prepare a CPD presentation entitled ‘The criticisms of the residual and how these criticisms can be addressed’. This should take the form of a script accompanied by up to five PowerPoint (or similar) slides which you should append to your overall report.

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