Assignment Sample on LAND1011 Real Estate Development and Investment
Investigating the viability of developing The Quad at the Airport
Introduction and confirmation of instructions
Butterfields Business Park in Luton is where the project is based as seen on the site plan. This document details the building shell and external works for the warehouse unit with ground and first-floor offices, an outdoor yard, and a parking lot, and service access. Gross internal area is defined as the distance from one wall’s interior to the next, as depicted in a table provided by the RICS Code of Measurement Practice. When it comes to warehouses, the tolerance for error is set at -0 percent to +2 percentage points and – 0 percent to +3 percentage points.
Site and location Description
- 4 miles north of Southend-on-town Sea’s centre, the development site is located. The B1013 Cherry orchard Way, which connects the A127 trunk highways to the north of the town, provides access to the Airport business Park Southend (ABPS).
- Twelve new industrial warehouse units are to be built, and the design and accessibility statement backs up a reserved matter application.
- The new building units are to be built as spec units for potential buyers.
- Except for the ongoing construction of the first stage of ABP’s major access road, which is constituted of the application for reserved matter
Instructions
- ABP’s financial viability is to be evaluated by Greenwich Consultants.
- Indicative analysis of the proposal’s financial viability is included in the report.
- Greenwich consultants have a great deal of expertise in providing viability and valuation recommendations for large-scale industrial development projects that are strategically significant.
Methodology
- Sensitivity analysis should be included in the findings to assess the residual outputs and in a planned viability framework, according to the authors.
Assumptions
Throughout Henry Boot PLC’s 135 year history, our financial results and profitability have depended on our employees. The phrase “The Henry Boot Way” is frequently used to describe how people work and what they demand of ourselves and others. They had a problem since they hadn’t documented this in a way that was clear and consistent. The “One Henry Boot” project was launched to capture our culture, “The Henry Boot Way,” and to focus on three of its fundamental elements: The Purpose, Vision, and Values. Considering this difficulty, they introduced the project (Bagali and Bhatta, 2019). All of Henry Boot’s businesses were represented in three Working Groups to guarantee that this initiative was genuine to Henry Boot. Everyone worked together to make it happen. For us, this is only the beginning. As part of this process, they have tried to capture what makes our firm effective and recognize that employees are still essential to accomplishing this goal. Henry Boot will continue to play an important part in their business because He believes it will allow and empower individuals to be prosperous in the future.
- Our research into similar-sized development projects yielded a median rental value for this property in the region of £94,522.25 (USD).
- Industrial and warehouse buildings typically have a Gross Internal Area (GIA) of 97 percent of their Gross External Area (GEA).
- The property investment developer’s yield is a term used to describe this activity. Assumption was made that it was 4%
- It was believed that the landlord would grant a rent-free term of six months.
- Three identical warehouse projects in the same location have been used to compute the cost per square metre at £94,522.25.
The economic context
By 2022, 12 more high-end industrial units will be available in the Quad. On a 52-acre property off Cherry Orchard Way in Rochford, the newest phase of the project has been completed. The homes ranging in size from 4,000 to 10,000 square feet are expected to begin construction over the next four months. As additional companies are drawn to the area, tens of thousands of new jobs are likely to be generated. Cafes, restaurants, meeting and leisure facilities, and even a hotel will be included (Cao et al., 2019). Managing director of joint marketing agents Dedman Gray remarked, “Interest has already been received from diverse business users, from distribution corporations to light industrial firms.” Several local businesses are contemplating moving to the Quad, as well as interest from as far afield as East London and southeast Essex.” Ipeco Holdings, which manufactures airplane seats, has already built its first significant industrial unit on the site, which is currently home to the three-story Launchpad, a specialized facility for small firms. Pre-sale conditions are available, and bigger units might be created by putting units together, according to Colin Herman of Kemsley LLP. It’s safe to say that these new devices will be well received.
Henry Boot will help us continue to advertise the business park and the new Quad development so that we can attract more firms and employment over the next months and years. To create the 21-hectare Airport Business Park Southend, Henry Boot Developments (HBD) and the Southend-on-Sea Borough Council have entered into a joint venture agreement (Duffield et al., 2019). The first tenant, IPECO Holdings, will move in early next year to a 124,000-square-foot building under construction.
An estimate of the property’s gross development value and anticipated annual rental value is £94,522.25 based on the assumption of £108 per square foot per year in annual rent. Incentives for occupiers include a six-month grace period for possible occupants. For this reason, a six-month interest term has been implemented. The current market conditions, on the other hand, point to an increase in the need for warehouse space. The computation based on the results of the experiment yields a 4% return.
Potential occupiers
Reinforced concrete will be put atop a damp-proof membrane by the Structural Engineer’s specifications. Cement content and water-cement ratio have been chosen by the Engineer to achieve the desired performance parameters. Back-to-back, each leg of the rack is supported by a foot of 140 x 90 mm in diameter, and the floor must handle a superimposed load of 50.00 kn/m2 and the rack loading of no more than 7.00 tonnes. It will have day joints, expansion, and contraction joints, according to the structural engineer’s criteria (Feng and Bai, 2021). If joints are present in the floor structure, it is suggested that they be documented under TR34. All joints must be sealed with a minimum Shore Hardness of 40 before the project is complete. At the end of the defects liability term, any serious arris damage will be repaired using an epoxy mortar by the manufacturer’s instructions. At the end of the defects liability period, trafficked joints in aisles and free-movement areas of the floor slab must be resealed. In order to seal sawn joints, the final sealant must have a Shore Hardness of at least 70 and a Shore Hardness that is suited to the joint’s design. To reduce the possibility of random breakage, the floor will be created and detailed. If the fissures are more than 0.8 millimeters wide, a low-viscosity epoxy cement should be employed (Kloet et al., 2017).
At the end of The Quad’s development phase, there would be an inflow of possible occupants. Amazon, DHL, DPD, FedEx, Royal mail, etc. are the most probable occupants. The demand for storage has expanded unprecedently as a result of the surge in online sales, which is largely fuelled by the covid epidemic. The epidemic has propelled ecommerce’s rise all across the world. There are several examples that illustrate the current surge in popularity.
Financial comparison of costs and value
A typical “lamp” life of up to 50,000 hours will be utilized for all office illumination, with LED luminaires employed. The office spaces will make use of the 600mmx600mm modular recessed LED luminaires. Installation of “LG7” louvers in the canteen and prismatic louvers in the office sections are planned. LED downlights will illuminate the reception, WCs, and corridor. Circular wall-mounted LED luminaires will provide illumination for stairwells. Lighting controls in the workplace should include daylight sensors, motion sensors, and manual switches, depending on the area they serve (Newes, 2021). Installed atop a steel wire basket in the ceiling void, PVC twin & earth cable (6242B) will be used to wire the office lights. Plug-in ceiling roses or lighting modules are required for the final connection. Multi-core Cu/XLPE/SWA/LSZH BASIC certified ‘armored’ (Low smoke zero halogens) type cable produced to BS6724 or single-core LSF 6491B cable put in galvanized steel trunking should provide lighting for the incoming services area and distribution equipment. The occupant is responsible for all other warehouse lightings, whether they be temporary or permanent. In the case of a power outage or circuit failure, the Office will be equipped with emergency illumination to facilitate a safe exit and exit from the building. For people to be able to walk freely toward and out of the exits, it is critical that the emergency lighting system clearly and unambiguously shows and lights all evacuation routes, both inside and outside (Rasser, 2021). In the case of a power loss, fire alarm call points and firefighting equipment will also be put along escape routes. Standard luminaires equipped with 3-hour inbuilt inverters and batteries are to be used for emergency illumination. The criteria of BS 5266-1:2005 and 8:2004 must be adhered to in all aspects of the emergency lighting system.
The GRP rooflight assemblies will employ an 8oz (2.44kg/m2) inner skin and a 6oz (1.83kg/m2) outer skin, as well as an intermediate core and all the essential components, to achieve a U-value of 1.30W/m2K. Rooflights will be installed in line with the manufacturer’s specifications, and they will be Class B Non-Fragile for at least 25 years. Approximately 10% of the floor surface will be lit (Shukla et al., 2019). To evaluate the roof and wall cladding systems, and LPCB 443a certificate must be obtained. A Class O rating for surface spread of flames is required for the main roof’s interior lining. All liner fillers must meet the most recent testing criteria for flame retardancy. Non-fragile Class B roof system by HSE materials standard ACR(M)001:2011 ‘Test for Non-Fragility of Profiled Sheeted and Large Element Roofing Assemblies’ It will be tested on all spans up to 1800 mm.
Conclusions and recommendations
The project has been developed in collaboration with Southend Council by developer HBD. According to Harry Bunbury, a senior director at HBD, “They have seen a lot of interest in the new units at the Quad and across the larger plan, which are advancing swiftly – high-quality industrial stock is scarce in the market, so it’s fantastic that they can fill that gap.” He is pleased to hear that there has been so much interest in this development and also the entire business park,” said councilor Kevin Robinson, who is responsible for business, culture, and tourism. This interest in the Airport Business Park shows just how important it may be in helping Southend’s economy rebound in these trying times.
Recommendation
- Recommended Practice for work on Profiled sheeted Roofs”. Manufacturers’ suggestions and approved design features will be used for ridge, eaves, hip, and verge detail work. No internal flat roof flashing can be used for pitched roofs. Cranked ridge liner panels must be used instead.
- The gutters for valleys and perimeters should be single-skinned externally or insulated inside. Metal Gutter Manufacturers Association (MGMA) guidelines require that the gutters be made of a least 1.2 mm thick nominal pre-galvanized steel, with a 1.2 mm PVC pre-laminated membrane (MGMA).
- To match the roof, the gutter system should have a minimum 25-year warranty. Firm 50 mm thick rock fiber insulation will be used to insulate all interior gutters.
References
Adedeji, P.A., Akinlabi, S.A., Madushele, N. and Olatunji, O.O., 2021. Hybrid neuro-fuzzy investigation of short-term variability of wind resource in site suitability analysis: a case study in South Africa. Neural Computing and Applications, pp.1-26.
Alodhaibi, S.S., 2019. Strategic and operational issues in the integrated management of an airport: An operations management approach (Doctoral dissertation, Queensland University of Technology).
Bagali, M.U., and Bhatta, N.P., 2019, February. Embedded Board Development Interfaced with GPS/IRNSS/NavIC Receiver for Disaster Applications. In Proceedings of International Conference on Sustainable Computing in Science, Technology and Management (SUSCOM), Amity University Rajasthan, Jaipur-India.
Cao, J., Ellis, K.M. and Li, M., 2019. Inside the board room: the influence of nationality and cultural diversity on cross-border merger and acquisition outcomes. Review of Quantitative Finance and Accounting, 53(4), pp.1031-1068.
Duffield, C., Wahyuni, S., Parikesit, D., Hui, K., and Wilson, S., 2019. Potential Infrastructure Enhancements for Ports and Cities: Conclusions, Future Research and Policy Concepts.
Feng, S. and Bai, Y., 2021. Coordinated development of airport economy in China: impact of” Airport-Industry-City” coordination on regional economic performance. Annals of Operations Research, pp.1-20.
Ibrahim, M.M., Elwany, A.M. and Elansary, L.K., 2021. Sustainable technical design and economic–environmental analysis of SMART solar street lighting system in Giza City, Egypt. International Journal of Energy and Environmental Engineering, pp.1-12.
Kloet, N., Watkins, S., Wang, X., Prudden, S., Clothier, R. and Palmer, J., 2017, July. Drone on: A preliminary investigation of the acoustic impact of unmanned aircraft systems (UAS). In 24th international congress on sound and vibration.
Newes, E., 2021. BETO 2021 Peer Review-WBS 4.1. 2.32: Bioeconomy Scenario Analysis (No. NREL/PR-6A20-79169). National Renewable Energy Lab. (NREL), Golden, CO (United States).
Rasser, M., 2021. Networked: Techno-Democratic Statecraft for Australia and the Quad.
Shimabukuro, P.M.S., Duarte, M.L., Imoto, A.M., Atallah, Á.N., Franco, E.S.B., Peccin, M.S. and Taminato, M., 2020. Android TV Box Tx92 S912 3G 32g Firmware Amlogic Smart 7.1 Quad-Core Media Streamer Full HD 3D Video Updated. Sao Paulo Medical Journal, 138(6), pp.505-514.
Shukla, N., Prajapati, D. and Tiwari, S., 2021. Investigation on Design and Device Modeling of High-Performance CH3NH3PbI3-xClx Perovskite Solar Cells. Journal of Ravishankar University, 34(1), pp.58-63.
Stanislas, T.T., Komadja, G.C., Ngasoh, O.F., Obianyo, I.I., Tendo, J.F., Onwualu, P.A. and Junior, H.S., 2021. Performance and Durability of Cellulose Pulp-Reinforced Extruded Earth-based Composites. Arabian Journal for Science and Engineering, pp.1-12.
Weber, R.C. and Petro, A., 2018. Survive and Operate Through the Lunar Night Workshop: November 13, 2018, Columbia, Maryland.
Yazdi, A.K., Kaviani, M.A., Hanne, T. and Ramos, A., 2020. A binary differential evolution algorithm for airline revenue management: a case study. Soft Computing, 24(18), pp.14221-14234.
Appendix
Site Plan
BS EN 1993-1-1 Eurocode: Design of Steel Structures and the National Structural Steelwork standard for Building Construction are the minimum requirements for all steelwork, from design through fabrication and construction. According to BS EN 1991-1-1 and BS EN 1991-1-4, the steel frame must be centered on the designs, which demonstrate that the steel frame is designed to sustain a uniformly distributed service loading of 0.25 KN/m2 in line with BS EN 1991-1-1. Steel framing should contain all galvanized purlins, tie bars, sheeting rails, eaves, and verge components, as well as anti-sag rods and bracings for roof and wall cladding. The pitch of the roof must be at least 6 degrees. The underside of the haunch must be at least the height specified in the clause. When the steelwork is delivered to the site, it should have been shot blasted and primed with a nominal 75-micron-thickness coating. Zinc phosphate primer is required for all structural steelwork that is not enclosed. Roofing purlins, cladding rails, and other galvanized steel components must be left unpainted. Bitumen Paint should be applied to any steelwork housed in blockwork, concrete, or masonry. Building Regulations call for the steelwork in the offices to be fire-resistant. The use of a specialized intumescent system is essential where exposed steelwork has to be protected against fire. Additionally, the main entrance, fire escape, and personnel doors’ secondary steelwork are required. Higher stories will be erected using a composite metal deck, concrete slab, and steel frame to sustain the requisite floor loads. These pre-cast concrete stairs leading to the workplace must be outfitted with stainless steel railings and the correct balustrades. The office escape stairs will be constructed of galvanized mild steel with chequer-plate treads and galvanized tubular mild steel balustrades and handrails. A passenger elevator has been erected to transport visitors from the ground floor to the lobby on the first story. In addition to all of the necessary tools and gear.
ROOF
With a PE15 brilliant white liner internal finish, the liner panel will be 0.4 mm thick and the exterior profile will be 0.70 mm thick. Roof cladding colors must match those depicted on the plans. A thermal U-value of 0.23 W/m2K may be achieved with a minimum non-combustible glass fiber insulation of 180 mm. SBEM computations will determine the final
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