Real Estate Question


The address of the property is 106 and 108 Haydown Road, Elizabeth Value, SA 5112.   Click to the link to see the advertisement, but remember this is just for you to gain information about the property, you are to ignore the fact that it is on the market.
Assessment of Value and Highest and Best Use. You need to assess the value, and highest and best use for each of the following criteria. [60% total weighting]
Value-in-use estimate based on the IVSC standards, the premise of the value being the Current/Existing Use. You will specifically use the Market Approach and the Comparable Transactions Method. Base your analysis on recent comparable transactions and apply dollar and percentage adjustments using a Market Data Grid. Justify our adjustments using market evidence.   From this grid, estimate the value and incorporate this into your argument. Specifically, discuss how your choice of transactions supports the specific premise of Current/Existing Use.  [25% weighting]
Investment Value estimate based on the IVSC standards using Investment Value as the defined basis of value, but with the premise of Current/Existing Use. Estimate the Market Rent (IVSC standard) using a Quality Point system and include a scatterplot and estimate from the regression line then incorporate this into your argument.  Then estimate the Investment Value, using the estimated rent and a market capitalisation rate. You should assume that the owner requires a rate of return consistent with other market participants and provide evidence of this by analysing market transactions. Specifically, discuss the choice of transactions. [15% weighting]

Market Value and Highest and Best Use.  This requires you to simultaneously establish the Highest and Best Use (H&BU) and the Market Value as defined by the IVSC. In arriving at the H&BU you should consider 4 options;

Continue existing use (part a above)

Change use from owner occupation to investment (part b above)
Rehabilitate the properties by renovating the existing buildings and then letting it at a higher rent, or for a different use that attracts a higher rent
Redevelop the site by assessing the residual value of the site for new development.

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