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PROPERTY342 > 17. Industry Sectors & Refurbishment > Flashcards

17. Industry Sectors & Refurbishment Flashcards

1
Q

What are 5 aspects and challenges of health sector refurbishments?

A
  1. Complex business need
  2. High operating costs
  3. Masterplanning is critical (cannot shut down to extend)
  4. Changing technology
  5. More out-sourcing non health functions
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2
Q

What are 5 special points of note for health sector refurbishments?

A
  1. Complex masterplanning
  2. Building services component high
  3. Mock up room essential
  4. Use group focus for fit for purpose
  5. Robust
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3
Q

What are 5 development commercial attributes for hospitality refurbishments?

A
  1. Long term investments and seasonal business
  2. Investor separate from operator
  3. Added value business from conferences and operator chain bookings
  4. Food/beverage traditional mainstay but dropping
  5. Cost allocation is important
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4
Q

What are 6 aspects and challenges for hospitality refurbishments?

A
  1. Location and operator driven
  2. Highly user sensitive
  3. High operating costs and staff
  4. Highly competitive
  5. Mock up rooms essential
  6. Differing commercial arrangements between operator and owner
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5
Q

What are the two types of industrial developments?

A

Simple industrial (warehouse) - typically single building 1 tenant who pays all outgoings
Factory - owner provides shell and tenant pays for fitout and equipment

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6
Q

What are 4 aspects and challenges of industrial refurbishments?

A
  1. Generic building to suit range of tenants
  2. Often tenant initiated
  3. Planning often sensitive to RMA provisions
  4. Can be very large areas
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7
Q

What are 2 special points to note for industrial refurbishments?

A
  1. Robust
  2. Needs good design and masterplan
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8
Q

What is an attribute of community development refurbishments?

A

Usually not commercially viable - aim to recover costs

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9
Q

What are 6 aspects and challenges of community development refurbishments?

A
  1. Lots of stakeholders
  2. Political
  3. Staged funding
  4. Capital restricted
  5. Large facilities need to integrate with transport
  6. Manage various user groups
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10
Q

What are 2 reasons to redevelop or refurbish?

A
  1. Building amenity no longer meets tenant needs
  2. Environs of the building change - unsuited for type of tenant
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11
Q

What are 3 ways the building amenity may no longer meet tenant needs?

A
  1. Building services, appearance, opex
  2. Health and safety, seismic
  3. Functional layout
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12
Q

When should refurbishments be carried out?

A

Plan so they are completed before lease expiry to realise higher rent on renewal

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13
Q

What are the 4 levels of redevelopment?

A
  1. Titivate refurbishment (big maintenance)
  2. Medium refurbishment (15-25% replacement)
  3. Major refurbishment (50-75% replacement)
  4. Redevelopment (extends size - new construction)
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14
Q

What are 5 challenges of refurbishments?

A
  1. Respecting tenant rights
  2. Building development audit to determine scope
  3. Accurate early estimates of compliance requirements
  4. Construction skills
  5. Tenant/user communication during works
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15
Q

What are 3 enablers to refurbish?

A
  1. Capital
  2. Ability to create vacancy time (during dip in user trading cycle)
  3. Tenant agreement
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16
Q

What are 2 special cost risks for compliance?

A
  1. Building consent for alterations - requires compliance with new codes where physically possible
  2. Latent defects
17
Q

What are 4 main requirements for refurbishment building consent?

A
  1. Fire protection
  2. Access
  3. Removal of unsafe materials
  4. Seismic upgrade
18
Q

What % NBS is required?

A

33% but would need 67% or 80% for top grade tenants

19
Q

What are latent defects?

A

Unseen problems from prior construction that emerge

20
Q

What are 3 important parts of tenant management during refurbishment?

A
  1. Consult from very beginning
  2. Recognise lease obligations - quiet enjoyment, quality of front door
  3. Develop Tenancy Management Plan - maintain contact with executive, management and frontline staff
21
Q

What are 3 important parts of building works during refurbishments?

A
  1. Plan well with the contractor
  2. Ensure tenancy operations clearly understood
  3. Get contractor part of tenancy management plan and work with tenant operational staff

PROPERTY342 (21 decks)

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