Site Analysis for the Property for Opera House- myassignmenthelp

Question: Discuss about theSite Analysis for the Property for Opera House. Answer: Site Analysis Location: The property is located between Grafton Lane and Buckland Street, two upcoming neighborhoods in the city of Sydney. Additionally the site of the property is located very close to the Central Business District of the city, with a roughly 10 minute drive to Hyde Park. Hence, the commercial value of the property is expected to remain high in the future too. The site is also located close to business centers such as bus, metro etc . Additionally, the location is just 10-15 minutes away from the airport. Market Assessment: The proximity to the Central Business District increases its value due to the access it provides to various commercial opportunities as well as leisure and recreational sites. The value of the property not only high due to convenience value it provides to the habitants but also because these factors increase the rental value of the property. Additionally, the resale value of the property is also expected to be high since the property has been rezoned into mixed use land. (City of Sydney 2013) The Property is located close to business centers, University of Sydney and several leisure and recreation sites such as Opera House, Broadway etc.. The site is located at a 10-15 minutes walking distance from University of Notre Dam and is close to the University of Sydney. The presence of high number of students seeking accommodation and other services increases the value of the property. Moreover, there is an increasing prestige value attached to the location. (Williams 201 7) (Cummins 2017) Commercial Risk Assessment: The site has been classified as mixed use land and that helps minimize commercial risks. There are several sources that believe the property prices in the city, in general, to be over-valued and at the peak currently.(Hutchens 2017) Hence, there is a risk that the current price may be slightly on the higher end and banks may be wary of funding the project.(Janda 2017) A market correction in the process of property in the given area is expected to be high.(Zhou and Duke 2017) However, given that the property is located close to the Central Business District, long term prospects of the property are strong. The zoning laws are expected to be more liberal in the future given the commercial importance of the site. Hence, the risks associated with constraints placed by city regulations regarding zoning and city planning, such as Floor Space Ratio, traffic laws, environmental protection laws etc., are expected to be minimal. The property investment is also justifies due to the fact that it is slated for a lower correction than similar neighborhood in other cities, thus, minimizing risks.(Zhou and Duke 2017) Management of Site: Management of the property is expected to be present few problems in the future since given the premium location of the site. The property does not have any problems with regards to basic services such as water supply, gas pipeline, waste management etc. Overall, the prospects of the property remain high with several positives. In terms of logistical issues such as future regulations and the logistical issues surrounding the management of the property also, the property seems a very viable project. Bibliography CHRISTINA ZHOU, Jennifer Duke (2017). Property price falls tipped for Sydney, Melbourne, Brisbane by 2020 in BIS Oxford Economics report. [online]. Last updated 22 June. https://www.domain.com.au/news/property-price-falls-tipped-for-sydney-melbourne-brisbane-by-2020-in-bis-oxford-economics-report-20170622-gwv75s/ CITY OF SYDNEY (2013). PLANNING PROPOSAL Various Sites amendment to SydneyLocal Environmental Plan, 2012. Sydney, Australia, City of Sydney. CUMMINS, Carolyn (2017). Sydney, Melbourne in top 20 most expensive retail streets in world. [online]. Last updated 15 November. https://www.smh.com.au/business/property/sydney-melbourne-enter-top-10-most-expensive-retail-strips-in-asia-20171114-gzlac5.html HUTCHENS, Gareth (2017). Sydney property prices rise almost 20% in past 12 months. [online]. Last updated 3 April. https://www.theguardian.com/australia-news/2017/apr/03/sydney-property-prices-rise-almost-20-in-past-12-months JANDA, Michael (2017). Housing market looks bloated with borrowers on 'wafer-thin' margins. [online]. Last updated 22 November. https://www.abc.net.au/news/2017-11-21/australian-housing-looks-a-lot-like-monty-pythons-mr-creosote/9176618 WILLIAMS, Sue (2017). Former industrial suburbs across Australias capital cities creating new prestige market. [online]. Last updated 22 February. https://www.domain.com.au/news/former-industrial-suburbs-across-australias-capital-cities-creating-new-prestige-market-20170308-guikm6/