Executive Summary This paper provides a feasibility analyses on development of Perth market, which is located between St Georges Terrace and Victoria Avenue in the centre of Perth. The site is 0. 5 hectares (5000m2) in size, and square. Specifically, it provides a comparative quality versus value analyses of an urban neighborhood, with the intention of coming up with the optimal land utilization for a mixed neighborhood in a 0. 5 hactare piece of land.
The analyses found that construction of either high quality or low quality buildings is not economically viable, and the client should priories the two other development projects in consideration. Planning requirements Because of the relatively small size, the site is less than 75% appropriate for the proposed development according to planning authorities. An underground car park, sufficient with 1 space per 100m2 of gross development space for all commercial and residential uses, should be provided.
Additionally, landscaping of the site is required, and this will include high quality public open space which will include outdoor areas for both retail and leisure uses. Space provision for retail development and leisure/ restaurant development should be no more than 500m2 for each of these uses. The remaining space should be either office or residential space or a mixture of the two. The building must be no more than 9 floors in height. The summary, therefore, of space allocations is as follows. Total space available is 5000m2.
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A 1500m2 space allocation is for residential apartments, and another 1500m2 for landscaping. Leisure and retail will each occupy 500m2. The proposed design Considering the space available the planning guidelines provided, an appropriate design would be a u-shaped building consisting of offices on one wing and residential apartments on the remaining two wings. Parking space will be underground. The front of the building will be landscaped and adequately provided with an amusement park and a restaurant, complete with a water fountain and park benches.
A 500m2 retail allocation, adjacent to the residential wing of the building, will consist of an open-air market and shops. The building will cover the entire 4000m2 of the space allocation, with leisure/ restaurant covering 500m2. Construction costs With the cost of land being $10m for a 0. 5 hectare piece of land, price indicates this is prime property. As such, it is more justified to construct high quality development rather than low quality.
Low quality will not only significantly reduce the overall value of the property, but will also reduce profit margins for the client. The cost for constructing high quality neighborhood is approximately 24. 6m. An additional $10m is required for land acquisition, set at $10m. The total therefore is 34. 6m. On the other hand, the construction cost for low quality is $15. 2m with land costing $10m. Thus, $25. 2m is required for low quality. Comparative cost of computations for both high quality and low quality for this particular site are summarized in the table below.
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