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(https://rpp.rpdata.com/rpp/login.html)(andyou are allowedto assess the databaseusingthefollowing usernames and password.
1.statval01
2.statval02
3.statval03
Details
Thecommercialpropertymarketisoneof themajorsectorsin theAustralian propertymarket.The marketvalueofcommercial propertiesis dependentonthe saleofsimilar properties.Thefollowingisarecent sale of acommercialproperty inSydneyCBDreportedinCommercialResearchofCoreLogic(i.e.RPData)on
4June2015.
Hong Konginvestors buy North Sydney office tower for $58 million
ANorthSydneyofficetowerhaschangedhandsat$58million.Theproperty,at
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.
Thesalefollowsitspreviouspurchasesofa13-storeyofficebuildingat309
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
Marketreports(suchasJonesLangLaSalle,ColliersJardine,CBRichard
Ellis, etc.)
Friends intheproperty industry
Internetresources
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more