Using the same site for which you submitted your site analysis, you should prepare a Highest and…

Using the same site for which you submitted your site analysis, you should prepare a Highest and Best Use analysis for the site. We will scope the content of the HBU as an exercise in class. Your report may be done singly or in pairs and should include text, graphics and statistics and any other information and modes of presentation you consider useful. Before you start make sure you have read the paper on Development Appraisal on the MyUni site. Also make sure you are very clear about the HBU methodology. If in any doubt please contact me before attempting the exercise. if you work as a pair then make it very clear in the report who has written which sections.

Remember that the reason for using HBU is to rationally demonstrate that the solution you arrive at is the HBU. As such evidence is critical. This may take the form of development plan policy, construction (and demolition) costing evidence, market evidence, for example current rental yields and returns from comparable developments, sales evidence or spreadsheet models of projected costs and income. You should produce a report written as if to a client who wishes to evaluate the potential of the site for redevelopment.

A technical report of this type should have a contents list and an introduction that sets out the aim of the report. Technical detail should be set out in sections with subheadings. In this case the sections should reflect the logic of the HBU methodology. The report should end with conclusions and recommendations. Two critical factors which should be covered in the conclusions are firstly, the potential value of the site if it were to be sold on the open market in its undeveloped state and secondly, the potential final developed value of the site if its full potential is exploited. The recommendations should advise the client as to their best course of action, which may depend on a range of factors such as the predicted market conditions two to three years from now and the risks involved in carrying out the development as opposed to selling the site now.

Remember the purpose of an HBU is to assure the client that all possible development scenarios have been considered and evaluated and that the course of action recommended is the best possible financial outcome for the client when all factors have been considered. As such it is vital that your analysis is thorough, uses evidence and considers all scenarios.

Word Limit: 2,000 words

 
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