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You are a graduate surveyor at the multi-disciplinary practice Real Estate Advisory plc (REA), in the planning and development department.
REA have been instructed to advise Hamilton Homes as to what they should bid to acquire a site with planning consent for residential development. The site is known as Clay Furrows, the details of which are available in Appendix 1.
One of the office juniors has carried out an appraisal for this purpose and your boss is concerned that it contains some misapplications and mistakes. Accordingly, your boss has asked you to double check the calculation, which is available in Appendix 2, and to provide an annotated commentary highlighting anything you believe to be an error, why it might be incorrect and to suggest a means of correcting it
Your boss is also instructed on a commercial scheme known as Relay Point and has produced a viability valuation for this scheme, which is attached as Appendix 3. Your boss would like you to carry out a sensitivity test to determine the impact of two possible scenarios so that he can provide appropriate advice and recommendations to the client.
Your boss feels that the surveyors in the department need to improve and enhance their knowledge and understanding of the residual approach and has asked you to provide a briefing paper to highlight the criticisms and limitations of the residual and what can be done to enhance their accuracy
Write a report for your boss that:
1. highlights the errors in the appraisal of the Clay Furrows development;
2. provides a scenario test of Relay Point with appropriate advice; and
3. contains a briefing paper that provides the required critique of the residual, setting out the limitations of the method and the means of improving its accuracy.
Using the scheme details in Appendix 1 and the residual provided in Appendix 2 (an Excel version of which is available on the VLE – see Assignment 2 week), identify the possible errors in the appraisal and provide an appropriately cross-referenced commentary explaining for every mistake identified why it is an error and how it can be corrected.
Using the Relay Point residual in Appendix 3, (an Excel version of which is available on the VLE – see Assignment 2 week) model the two following scenarios and provide advice for your firm’s client as to what might be done to mitigate against any adverse impact these scenarios might have.
a. Scenario A – a 5% fall in rental value, a 7% increase in build costs and an increased void period of 6 months.
b. Scenario B – a 0.75% fall in yield and an increase in lending rates of one whole percentage point and a delay after site purchase of 3 months before construction could commence.
As part of your report, provide a Briefing Paper for the surveyors in your department that not only outlines the criticisms and limitations of the Residual Method, but which also highlights what can be done to improve the accuracy of Residual valuations.
Reference list and bibliography
You should include a reference list with a minimum of ten separate relevant and appropriate sources that you have written about and cited within your work.
A bibliography of uncited sources is not required.
Further information to support you with this assignment is available within the study materials for this module on the UCEM VLE. If you have any questions about this assignment, please contact your Module Team using the Assignment forum in the relevant Assessment preparation week on the VLE.
Marking guidance for this activity
This guidance is designed to help you to do as well as possible in your assessment by explaining how the person marking your work will be judging it.
Your work will be assessed in relation to the requirements set out in the assessment criteria marking guide at the end of this document and the grading guidance section below.
It is recommended that you read both of these sections before starting your assessment to learn what will help you to achieve the highest marks. Once you have finished you should review the assessment before submitting it, to check you have done what is required to achieve the highest marks.
When you receive your feedback from your tutor you should clearly be able to see which categories you gained marks in and, where relevant, recommendations about how to improve your performance going forward.
This grading guidance section explains in more detail what a submission for this assessment should include in order to achieve a mark at the threshold, good and excellent standards.
You will have met the criteria for Threshold and demonstrated some knowledge of residual calculation process by the identification of some of the errors it contains. You will have attempted the scenario test but there may be some errors of process and of mathematical computation, but the working will be broadly correct. The briefing note will evidence some attempt at critical analysis in order to reach reasoned conclusions. Recommendations may be missing or limited. Referencing will be sufficiently complete.
In terms of the marking criterion:
Communication, marking guide criterion 1 – you will have written your submission in an adequate report format, with only minor errors in spelling and grammar
Knowledge and understanding, marking guide criterion 2 – the knowledge and understanding demonstrated in the report will be broadly correct, although there may be some errors of fact or interpretation.
Use and application of source materials, marking guide criterion 3 – your report will contain at least ten separate and appropriate sources, that have been satisfactorily applied to support your statements. These sources will have been cited and referenced consistently but referencing may not accurately follow The UCEM Guide to Referencing and Citation.
Critical analysis, marking guide criterion 4 – this is a hallmark of postgraduate study, and a threshold report will be characterised by an adequate depth of analysis and application of analysis to the scenario facts. As appropriate, a basic, but sustained argument will be presented throughout the tasks.
Insight, interpretation and evaluation, marking guide criterion 5 – the threshold level for this criterion will be demonstrated in the report overall, as clear and appropriate reasoning will have underpinned the discussion throughout all three tasks.
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