Property valuation

Property valuation

Word length: 1,500words(excludingtitlespage,graphsandannexures).

Based onthesaleinformation below,you arerequiredto prepareareportto verifyifthesalepriceisjustifiedbythemarketevidence.Inotherwords,youhavetousemarketevidencetoverifyifthe passingrentisatmarketlevel,andif thesale priceand yieldarereasonable havingregard tothe then market condition.Inthisregard,youneedtoaccess salesevidenceintheSydneyoffice market.UWS has subscribedtoRPData( are allowedto assess the databaseusingthefollowing usernames and password.





Thecommercialpropertymarketisoneof themajorsectorsin theAustralian propertymarket.The marketvalueofcommercial propertiesis dependentonthe saleofsimilar properties.Thefollowingisarecent sale of acommercialproperty inSydneyCBDreportedinCommercialResearchofCoreLogic(i.e.RPData)on

Hong Konginvestors buy North Sydney office tower for $58 million

140ArthurStreet,NorthSydney wassoldby BevanKenny andChrisVeitchof ChestertonInternational(NorthSydney) andDominicOng andJamesParry of KnightFrankSydney.VendorwasfundmanagerCorVal,onbehalfoftheVictorian Funds ManagementCorporation(a Victorianfundwhichprovidesinvestment and funds managementservicestoVictorian publicauthorities),Funds SA(a SA fund whichmanagesandinvestspublicsector assets)andtheFutureFund(aFederal fundtohelpmeetfuture superannuationliabilities).

The buyer, HKRealway,is owned byLingLWong andYunC ChoiofHongKong andis aprivatecompanythat engagesin overseas propertyinvestmentand management.

GeorgeStreet,Sydneyanda10-levelcarparkingstationat521–527KentStreet, Sydney.

AccordingtoNorthSydney Cityscope,theproperty isa17-storey officebuilding withbasementparkingwhichwascompletedin1973andrefurbishedin1996.With a building areaof 8,384sqm,the propertyhas aNABERSratingof 3.5starts. Itis
fully leased and its major tenants include NSW Business Chamber, Active
International andUniversityofSouthAustralia.

Theproperty lasttradedat $39millioninDecember2012whichrepresentedan initialyieldof9.53%onpassingincomeof$3,727,100. Thissale, at$58 million, equatestoayieldofabout7.5%andisevidencethatthecommercialmarketis
alsoperformingstronglyin this risingSydney market.

Apartfromverifyingthe marketrentand marketpriceoftheproperty,youarealso requiredtocomment onwhy thesame propertyhadayield of 9.53%in 2012, but ayieldofabout 7.5%in thecurrentsale.

Forthepurposeof completingthisassignment,youmaymakereasonable assumptions for relevantinformationofthepropertynotreportedbyCoreLogic.

Relevantinformationfor this assignmentcanbeobtainedfrom: Newspapersand property magazines
Property JournalsandNewsletters

Australian BureauofStatistics


Ellis, etc.)

Friends intheproperty industry


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