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Property - Essay Example

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Property is an important asset that plays a critical role in the economic development of an individual or an organization. It is the platform on which important economic activities are performed. On another dimension, property is also termed as real estate wherein emphasis is laid on providing housing to the population depending on their purchasing powers…
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Download file to see previous pages It is in this scenario that the concept of property development & management comes into the picture, which provides the developer with a rigid framework for the effective development of a property.
The present report will evaluate the viability of developing a small office site in a suburban London town location. All along, the report will concentrate on the information gathered on the property and will attempt to assess the viability of developing the property based on a series of valuations, funding proposals and elevations of the completed scheme. The report will initially consider, outline and assess the various important factors that will influence the decision to build and develop the property. The report therefore, would emphasize on planning the development of the property in the context of urban development, construction, quantity surveying, and design & property development.
The report would then list out all the factors governing the development of the small office site and would proceed with discussing the development appraisal that was initiated as a major constituent of the property development scheme and will also model the cash flow involved. Therefore, the report would evaluate the viability of the small office site property development proposal on the whole.
FACTORS AFFECTING THE DEVELOPMENT OF THE PROPERTY
The concept of property development especially with regards to commercial spaces has been a subject of constant debate and a plethora of literature is available in this regard. Among the literature available, major topics of discussion have been focusing on evaluating commercial property sites on the basis of nearness to the target customer base & urban centres, location of transport facilities, the government legislation and the political situation etc. The current section will aim to outline the basic set of factors that were currently prevalent at the small office cite in suburban London.
The first and the foremost factor that influenced the development of the small office site were the availability of the land, and the presence of other critical facilities. Even though the land was available, it was important to assess whether the quality of the soil was good enough for construction purposes. A civil engineer who conducted surveys of the land and certified that the proposed site was suitable evaluated the land. In addition it was also important to determine the nearness of the property to hotels and cafeterias for the purposes of the employees who would be working in the office site. It was additionally important to determine the availability of drinking water in the area. Fortunately, the area was quite populated and as such, both these needs were not a problem at all. The area was abundant with hotels and the local water department ensured a constant supply of clean drinking water. Thus, the prime concern under the property development scheme was to assess the proposed site for its physical suitability for development.
The next major consideration under this was to dig into the legal restrictions of the area. This was important as certain areas had a different pattern of construction norms and adhering to the law of the land was extremely important. For this, the help ...Download file to see next pagesRead More
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