Specialized Property Literature Review 2022

Running Head: SPECIALIZED PROPERTY
LITEATURE REVIEW OF SPECIALIZED PROPERTY
Name of the Student
Name of the University
Author’s Note

SPECIALIZED PROPERTY1
Executive Summary:
The thesis is the extraction of surveys and valuation related data of all the specialized
buildings. However, the study deals in detail with the heritage buildings and its valuation. The
aim of the thesis is to bring out the processes of valuation and apply these processes to value the
heritage buildings in Australia. The purpose of this study will serve the in-depth understanding
of the valuation processes and its application.

SPECIALIZED PROPERTY2
INTRODUCTION:
Australia has a rich natural and cultural heritage that justifies our sense of place and national
identity and makes a positive contribution to nation’s wellbeing.
Specialized buildings are those buildings, which have been built for a particular purpose
or use, which involves particularly many government buildings. The valuation of such buildings
is processed by a gap created in the comparable sales. According to French (2004, pp534),
specialized property is explained as the type of property where the market information is not
sufficient to assess it by way of comparing it with other properties with similar nature within the
same vicinity.
Heritage buildings on the other hand, mean a building, which possesses values of
architecture, aesthetic, history or culture. The term “heritage” implies natural and historical
places with Indigenous cultural domains with movable and immovable properties in possession.
The Planning Authority or Heritage Conservative Community or any other Authority having
competence for such declaration and jurisdiction depending upon the location of that building
designates such building as a heritage building. In Gilbert (VO) vs. S Hickindbottom & Sons Ltd
[1956], the founding principle was laid down as when there are two or more properties within the
same trade, occupation or curtilage, they are treated as a form of a single hereditament for the
purpose of rating and valuation. In other words, it can be explained that the properties of the
similar nature or character, engaged in similar trade or occupation shall be dealt alike as a form
of single hereditament.

SPECIALIZED PROPERTY3
HERITAGE SITES OF AUSTRALIA:
The UNESCO Declaration of Heritage Sites ((Centre, 2019)) in Australia can be
categorized as:
Cultural:
The Cultural sites include:
 Australian Convict Sites (2010)
 Budj Bim Cultural Landscape (2019)
 Royal Exhibition Building and Carlton Gardens (2004)
 Sydney House Opera (2007)
Natural:
The Natural sites include:
 Australian Fossil Mammal Sites (Riversleigh/ Naracoorte) (1994)
 Fraser Island (1992)
 Gondwana Rainforests of Australia (1996, 1994)
 The Great Barrier reef (1981)
 Greater Blue Mountains Area (2000)
 Heard and McDonald Islands (1997)
 Lord Howe Island Group (1982)
 Macquarie Island (1997)
 Ningaloo Coast (2000)
 Purnululu National Park (2003)