Feasibility Study for a Shopping Centre Building Project
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This report presents a development and investment feasibility study for a shopping centre building project covering economic and financial variables that impact the project. It includes market overviews, legal considerations, project constraints, and investment particulars.
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BUILDING PROJECT EVALUATION1 Development and investment feasibility studies Name of the student Course Instructor’s name Institutional affiliation City and state Date
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Table of Contents Part 1: feasibility development study..............................................................................................3 Executive summary.........................................................................................................................3 Introduction......................................................................................................................................3 Market overview..............................................................................................................................4 Current market analysis and overview.........................................................................................4 Future market over forecast an analysis.......................................................................................5 Project constraints............................................................................................................................6 Encumbrances..............................................................................................................................6 Legal constraints..........................................................................................................................7 Lien constraints:...........................................................................................................................7 Zoning and planning constraints..................................................................................................8 Planning constraints.....................................................................................................................9 Environmental constraints..........................................................................................................11 Economic constraints.................................................................................................................11 Part 2: project investment..............................................................................................................12 Executive summary....................................................................................................................12 Investment particulars................................................................................................................12 Target tenants.............................................................................................................................13 Capitalization rates.....................................................................................................................13 Rental growth forecasts..............................................................................................................14 Taxation implications....................................................................................................................15 Risk assessment and sustainability................................................................................................16 Recommendations..........................................................................................................................17 References......................................................................................................................................18
Part 1: feasibility development study Executive summary The report is a presentation of the development and investment feasibility study for a shopping centre building project. It covers aspects surrounding the different economic and financial variables that have an impact on the development of a new project or investment. The report is however presented in majorly two parts. The first part covers the development stage of the project and this includes factors such as techniques that are used while carrying out development and investment appraisal. A development market overview, legal considerations, the type and nature of the building that is required are some of the other points of consideration that will be undertaken within the first part. The second part of the report on the other hand mainly lays focus on the investment perspective. In this part of the report, concentration will is on financial concerns. Factors such as risk assessment, the necessary costs such as taxation, and other operating costs and so on are some of the major areas of concern. Additionally, the financial aspects regarding issues such as the cash flows, internal rate of return to assess the viability of the project are conducted. Introduction In this part of the proposal, the major task is identifying the most viable building project thatshouldbeundertaken.Ptydevelopmentslimitedlookingatanalyzingthedifferent circumstances that have an impact on the success of the building project. For this report, however, the building chosen project that is chosen as a city shopping centre. The main reason for carrying out this assessment is to however determine the underlying forces that have a significant impact on the success of the project. This analysis majorly focuses on economic and
financial risk analyses. The importance of carrying out such activities is to establish a position and identify alternative solutions in case of any variations from the planned. Such feasibility will also be important in determining the financial forecasts and estimations required for the project. The market overviews,(current and future forecasts), legal implications that may result from the environmental, physical, psychological, planning permission and so many others are addressed in the report. Market overview Current market analysis and overview The building will be a city shopping centre place with several economic activities carried out. Businesses such as restaurants and medium-sized food hubs, hair and beauty rooms for rent, shopping centres such as supermarkets are among the businesses that will be conducted. It will have ample parking space with a capacity of 200 cars and other vehicles. This being a service providing facility, rental incomes and revenues are to be considered as the major sources of revenue. An average rental price of $ 25,000 will be paid for each tenant on the building this combine with the increasing demands for business facilities within the city centre make provide a viablemarketopportunity.Theprojectisthereforemajorlytotargetcitytradersand entrepreneurs who present a high market need for trading space within the city. It is therefore to such a high demand that the $25,000 average annual income will be attainable. This is however expected to be relatively and fluctuate around the minimum over the entire lifetime of the project. According to research and development studies conducted, the present market in several city centres reflects a wide variety of tenants that need commercial centres of this kind. These range from restaurant owners, corporate business, the whole businesses and retailers, and so
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many other commercial participants in the current market. It is due to such favourable conditions that prevail in the market that this project is expected to operate successfully. Future market over forecast an analysis The increasing demand for commercial facilities such as building, shopping centres and other faculties is a highly positive sign of success. This is, therefore, an implication that the market is continuously expanding. With such an attractive demand and existence of customer and tenants, the market is a valuable resource for the continued operation and existence. Furthermore, the project development team alternative strategies that will uniqueness in the structure and design of the shopping centre.According to the plan of the project, the facility falls under the green category of buildings. Such buildings are constructed on an efficient and conservative basis (Velnampy, 2014). This project is to be carried out using new technological construction methods. These methods on construction will, therefore, include highly efficient green energy systems, green building materials, together with passive solar designs. These green technologies will have a significant role in ensuring cost minimization thereby promoting sustainability of the project in the long run. To forecast the future market demand, approaches such as regression and the trend methods are reliably used to forecast future increases in market demand while relying on the past and present demand within the market. The development of this building project is also commenced with a strong financial basis. The startup owner's equity capital of $100,000 together with a debt of $50,000 is a viable base. To control pressures resulting from debt, a long term debt was obtained. Such a debt will be sequentially be paid back in instalments throughout four at an interest rate of 4%.
Project constraints Legal constraints can be referred to as those regulations, restrictions and or guidelines that must be observed in the process of developing or coming up with a construction project. Among such constraints includes regulations such as employment laws, safety requirements, planning and building rules (Hunjra et al, 2011). According to such an explanation, this report will specifically emphasize constraintssuch as the title particulars, zoning and planning, permission rules, encumbrances and the physical constraints. These constraints are therefore further discussed below: Encumbrances An encumbrance is a restriction to the owner's ability to transfer a title of ownership of property or an asset. Encumbrances may include limitations such as liens, deed limitations, encroachments and so many other categories of types. Therefore, because the project is going to be a refurbishment of an already existing building in the city centre, such risks and threats are highly inevitable to overcome or avoid (Wambua,2018). These types of risks pose a great challenge to the prospects of undertaking smooth operations. To overcome such, however, pty development will undertake several cautious procedures before making final procedures. Risk assessment stratifies to mitigate threats will be conducted. The company will ensure to clearly and critically identify these risks and effectively come up with a mitigation plan.For example, before making actual payments and investments, the company will undertake research studies regarding the true ownership, by looking at documents such as titles and contracts regarding the building projects.
Legal constraints Legal challenges and restrictions greatly impact and influence the effective operations of undertaking a building project. In most of the countries, constructing a building or undertaking a building project ultimately comes with its legal challenges. These restrictions are majorly presentedthroughverystricttaxlawsandthehighlysupervisedacceptanceplansof construction. For instance in Australia before any construction or prefabrication activity of a building is carried out, a series of licenses, permits, approvals consents and so any other documents have to be obtained (Mugwambo et al, 2015). Besides the need for such documents, several laws, rules and regulations have to be closely followed. For example, some of the most pronounced rulesinclude the environmental planning and assessment Act of 1979, local government Act of 1993, Planning Act of 2016 especially the one of Queensland among other regulations (Kerubo et al, 2016). All such rules and laws make the process of undertaking a construction project rather difficult, expensive and yet time-consuming. The expense is majorly associated with the tax fees that a development team has to immediately pay up before any work can be carried out. Lien constraints: The lien constraints are among as similarly part of the encumbrance's constraints. These are however constraints or challenges that arise out of security interest or reasons. They adversely affect rights to property owners of the company. For instance, if pty development company fails to pay up its tax duties and obligations, the building project or facility could easily be under a lien. The consequential outcome of such liens is that the owner may end up losing the property or asset to the creditor or regulatory authorities of Australia. However, the company finds the practice of keeping all receipts of payments of taxes such as the 0.575%, o.875% and
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the 1.175% land tax rate for every landowner for the medium entities and the corporation tax of 27.5% for medium business entities (Diluxshan and Kangatharan, 2017). Maintaining proper records of such tax payments is highly useful in case of a lawsuit on the building project of the company. Zoning and planning constraints Briefly, zoning is process or activity or subdividing land within a municipality into zones. Such zones could be categorized into functional, form-based, intensity and incentive zones and so on. Throughout Australia, the system of zoning has gradually resulted in several challenges to the general public (Ansar et al, 2016). According to both the governmental, academic and private studies, restrictive zoning in the country is among the most significant and influential factors causing rental and housing price increments (Kendall and Tulip, 2018). Additionally, (Daley and Coates, 2018) further express that restrictive zoning with in the country has over the years contributed to an estimated 40% to price increments in regions such as Sydney and Melbourne. However, (Daley and Coates, 2018) continue to explain that zoning rules and regulations have an important role they play towards controlling the growth of cities and their nearby suburbs. Zoning rules and restrictions, therefore, have a protective duty or task that they perform in ensuring the protection of such developed cities in different countries. To illustrate the impact of zoning restrictions in the different cities of Australia, the charts below are presented:
Fig. 1 the cost of zoning restrictions for households by city Source: Kendall and Tulip, 2018 According to the above illustration, the trend of housing and commercial buildings prices have been increasing over a few years. Due to such increments, the cost of living is consequently becoming high and higher each year that goes by within Australia. This is what has resulted in the term known as the "zoning effect” Planning constraints The planning constraints besides zoning also have a significant implication on the wellbeing and operation of the development project. For instance in New Zealand land use in the
country accounts for a huge portion of costs and prices paid for accommodation by the year 2017.with in the UK it is estimated that housing rates by 35% if more planning mandates were offer dot the public. It is also evident that the planning costs and rates further make the cost of construction much higher (Kendall and Tulip, 2018). For example, in 2016, a construction project that was estimated to cost AUD 470,947.25 would cost an additional AUD 401,583.8 as planning costs. These have made it difficult for individuals to effectively construct new places of residence and commercial centres. The chart below is a graphical illustration of the effect of planning costs and charges. Fig.2 planning restrictions and the effect on price increases in Sidney Source: Kendall and Tulip, 2018
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Environmental constraints Building projects significantly highly well-crafted plans to address environmental issues and concerns.Such issues include understanding regulations regarding air pollution controls, traffic control systems, noise pollution and so on (Wang,2009). Unfortunately ensuring that all such controls are put in place in and that they are properly operative is a hard task ad it takes significant amounts of time. In the long run, fail to meet such requirements end up in project delays r at the very worst project failures. Technical constraints that may result from restrictive sitelocationsespeciallythosethataredenselypopulatedposesimilarlyposesignificant challenges to the pty project development team (Marion et al, 2014). These congestions adversely limit storage space of materials required for the project operations, transportation and any other activities. Such technical constraints, therefore, imply that the project development team as to formulate designs and alternative procedures to overcome such restrictions. The impact such alternatives can cause however is that they eventually lead to unwanted additional financial costs, and failure to meet deadlines or set targets. Economic constraints These are shortcomings that normally result out of limited or inflexible budgets for meeting all the required necessities of carrying out the project together with proper and efficient resource allocation (Matthew et al, 2015). In case of poor allocation of funds within the project, then there the project development team risks losing out on achieving goals and objectives for undertakingsuchaproject.Withpoor resourceallocationor misusequality,safetyand performance may as well be jeopardized in the long run (Chan and Martek, 2017). Moreover, the cost of misuse of funds does not end with quality and performance but also has an impact on the project cash flows.
Part 2: project investment Executive summary This is the second part of the building project taken up by pty investments limited. it is a continuation of the first part of the feasibility study through which the identified building project has been sold to the company by the pty development team. The project is an investment of ten years, and it is purchased by capital raised from two sources. The sources of capital included the owner's equity and debt. The total initial investment cost of the project is $150,000 of which $50,000 is a long term loan obtained from a financial institution and the remaining balance of $100,000 is the owner's equity. The long term loan is t be repaid at an interest rate of 4% and it is a four -year loan. The valuation of the investment return is carried out using two profitability measures. These include the reversionary measure and the internal rate of return. Relevant cash that is discounted at 10% is provided to forecast the Net Present Value (npv) of the project at the maturity period (Rajasekhar, 2017). Investment particulars The investment particulars will focus on the market data search and collection. This will, therefore,concentrateonaspectssuchastargetedcustomers(tenants),netrentalannual revenues, rental growth rates, unit sales together with calculating the percentage return while using the reversionary technique of profitability (Leeds,2016). All these forecasts will be conducted for over ten years. After maturity, however, the building will be disposed of at an amount of $200,000. Additionally, this project will be depreciated at 10% under the straight-line method of deprecation.
Target tenants As discussed within the first part of the report, the target tenants of the investment are clientsdealingindailytradeandtransactions.Thesewillincludesupermarketowners, restaurants and take away joints, hair and beauty salons among others. The facility located in the centre should be an important factor in attracting these targeted tenants (Al-bakri,2013). All such are among the factors that facilitate the market forecasts for both current and future market. The facility is estimated to earn a minimum annual of about $25,000 throughout the life span. This is projected to be sufficient enough to cater ad facilitate the continued existence of the to achieve the intended goals of the investors. Capitalization rates Mostly known as a cap rate, a capitalization rate is a measure that is used to determine or calculate the performance of a real estate facility of investment in a given period. It, therefore, reflects the potential return rate of a facility. Capitalization rates are calculated by dividing the operating income by the current market value (carrying amount) of the assets or investment facility (David, 2012). Carrying amount or carrying market value, on the other hand, is calculated by subtracting the accumulated depreciation from the purchase value of the facility (Udoekanem, 2012). The operating income of an investment facility, however, is determined by Lessing the operating expenses such as electricity from the gross sales or revenues. Therefore capitalization rate =operatingincome currentmarketvalue. For instance, the rate of return of the investment facility in the first third year would be equal to16.2% calculated as (17,024 105000)*100.In this working the, $17,024 is obtained from the projected cash flows developed with excel and the $ 105,000 as of the current market value of the building facility during the third year of operation. $105, 000 is obtained as:
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= 150,000- 3*(150,000*0.1) = (150,000-45,000) = $105,000 current market value of the facility after three years of operation. Rental growth forecasts The rental growth rate of the facility is measured in percentage with a technique known as the implied growth rate. The growth rate is annual revenue which is most a rack-rented investment increment to preserve and maintain the value of the asset. Maintaining the actual property value implies that the yield produced is proportionate to the facility in the long run (Obaje and Abbey, 2015). This technique of property appraisal is a measure for reviewing cash flow increases to create a possibility of an appropriate nominal discount rate. The implied growth rate can be obtained by a model given as: Where: C = gross capital value of the facility r = the present rental revenue per annum R = estimated annual rental value n = period to the next rental review d = discount factor
y = is the capitalization rate The percentage rental growth is estimated to be ranging between 10 to 12% as a favourable growth rate. Other techniques of predicting and calculating returns and growth rate include the gross rental yield and the net rental yield measure. These types of measure are calculated by dividing the annual rental incomes and then dividing them by the property value if it is a gross rental yield method or approach (Ai Group, 2015). The net rental measure of rental growth yield measure is however calculated by subtracting the operating costs from the annual rental revenue. The result is then divided by the initial value of the facility of building investment and it is expressed as a percentage. The reversionary yield would be the rate of return that is generated at the time of disposal. Almost related to the capitalization measure, the reversionary yield is determined by dividing the selling amount by the initial value of the facility and it is expressed as a percentage (Dziaosz et al, 2015). For instance, if pty investments disposed of the investment at an amount of $ 200,00, then the reversionary yield would be 133% = $(200,000/150,000)*100. This would imply the company has made a profit of about 33% from the sale of the building after ten years. Taxation implications The taxation system in Australia has been experiencing several changes over the years. Strict regularities and guidelines together with various commercial and legal involvements have adversely affected a lot of industries in the country. Tax changes such as the 2015 management investment trusts together with other forms such as the CGT have ultimately influenced the real estate and building industry. For instance, taxes such as the capital gains tax greatly reduce the profitability of individuals who intend to sell off their building assets (Lin and Fei, 2014). Consequently, it is the buyer who pays the price. This is done in such a way that the individual
intending to sell will overprice the facility to obtain the intended profit margin. Additionally, the 27.5 % corporate tax for the medium entities and the 30% for the large business is as well posing a significant influence on real estate and building industry. Such tax payables make it rather difficult to effectively operate. The resulting consequence is increased housing prices and rates. On the other hand, however, taxation incentives have also had an important role in facilitating the running of economic activities. These incentives are provided through activities such as tax allowances. For instance, an investment a building project may be granted a tax allowance of about 20% deduction on the total tax payable (Dalton et al,2011). This would imply that the investor would have a benefit of reduced costs of operation. In the long run, this type of allowance and tax-saving improves efficiency as the profit after tax is increased (Clifford and Lloyd-Morgan, 2018). Such tax savings may result in significant value as they can be used for further investments in the future. For this project, a corporation tax saving was assumed to be at about 27.5% starting the first years of operation (KPMG, 2018). These savings were calculated as part of the cash inflows to determine the net present value of the investment. Risk assessment and sustainability Risk is the possibility of suffering loss or deviation from the planned or project output or performance. For this particular investment, various risks are inevitable and they can result in significant losses. Among such risks includes the financial, market risks and destruction such as fire outbreaks, natural hazards and so on (Frimpong and Ekwasi, 2013). Political instabilities are also an important aspect of threats that can cause or result in damage to the facility. Therefore measures taken to identify, assess, analyze and mitigate such risks have to be undertaken (Ekpung and Wilfred, 2014). For instance, in cases of fire outbreaks or natural disasters, insurance policies are some of the possible solutions that the facility will have as a backup
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solution to the threat. Long term loans play an important role in controlling risks that any result from liquidity and financial distress (Lapatainas et al, 2019). For sustainability, the project will be managed to base on the green building concepts. This will be one of the most effective measures towards minimizing costs associated with expenditures on water, electricity and any other operating expenses involved. Recommendations The building industry in the Australian economy is a valuable economic resource; its percentage contribution of 9% to gross domestic product is significant (Australian Country Commercial Guide,2018). Therefore, additional incentives to promote and further facilitate the $56billion industry would be a positive decision. More attractive tax incentives and more flexible rules and regulations are also necessary if the industry is to prevail further.
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