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PROPERTY342 > MEMORISE > Flashcards

MEMORISE Flashcards

1
Q

What 4 things must developers control 1 of?

A

Land
Capital
Knowledge
Tenants

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2
Q

What is the asset creation process?

A

A funnel of progressive refinement of risk with increasing detail whilst maintaining maximised value

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3
Q

What are the 3 simplified development process stages?

A

Budget
Commit
Construct

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4
Q

Describe stage 1

A

Initiation - inception of idea
Monitor markets
Spot opportunities

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5
Q

Describe stage 2

A

Concept - refinement of idea and indicative feasibility

Authority compliance scan
Cost estimate on area rates
Indicative feasibility
Indicative design and alternative options
Identify and discuss with prospective tenants
Masterplan for large sites
Market and other needs met
Understand site

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6
Q

Describe stage 3

A

Evaluation - detailed feasibility and preliminary design

Detailed feasibility study
Elemental cost estimates
Formal market study
Make go or no go decision
Negotiate terms with users
Preliminary design
Risk management considered
Start consultation
Understand RC requirements

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7
Q

Describe stage 4

A

Definition - developed design

Arrange financing
Building manager part of the team
Developed design
Detailed construction and project plan
Identify contractor
Lodge RC application
Refined cost for risk management
Set development parameters

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8
Q

How are construction estimates refined?

A
  1. very broad based on area rates
  2. cost range based on area rates
  3. accurate budget based on elemental measure
  4. more accurate based on elemental measure
  5. very accurate based on elemental measure
  6. almost final based on quotes
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9
Q

Describe stage 5

A

Approvals - contracting and working drawings

Building consent processed
Detailed plans for construction, safety and quality
Sign contracts
Working drawings

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10
Q

Describe stage 6

A

Contracting - delivery

Drawings approved for construction
Manage construction contract
Meet authority consents
Monitor market and feasibility
On site work
Plan for commissioning
Subcontractors tendered

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11
Q

Describe stage 7

A

Commissioning - completion and opening

Building manager/staff inductions
Building handover from contractor
Bedding down period before opening
Certifications for council sign off
Designers inspect completed work (remedial list)
Tenant fitout work starts

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12
Q

Describe stage 8

A

Asset management - ongoing to ensure best performance and maximum value

Review whether it meets expectations
Watch for opportunities to improve
Building manager role
Re-development audit

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13
Q

What is value management?

A

Gathering of key parties to go over requirements and solutions and of the development within each development stage

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14
Q

When are developments not suited for commercial assessment?

A
  1. Time required to complete occupancy
  2. Time required to get higher rent after refurbishment
  3. Time required to ramp up
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15
Q

What is on the bank finance checklist?

A

Approves contract, contractor, consultants
Appoints QS and valuer to check data
Tripartite deed
May require minimum 10% contingency
Use developer’s funds before bank’s
No side agreements affecting pre-sale values
Guarantees

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16
Q

What are common mistakes for new developers seeking finance?

A
  1. Low equity and underestimated costs
  2. Do everything themselves
  3. No true fixed price contracts
  4. Not maximising value from site
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17
Q

What are common public infrastructure costs?

A

Sewer/stormwater pipes
Road widening
Traffic lights
Acoustic barriers

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18
Q

How do you calculate development financing cost?

A

(design + development costs) * interest rate * design and construction period * 0.5

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19
Q

How do you calculate construction financing cost?

A

0.42 * construction cost * construction period * interest rate

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20
Q

What are the steps in an asset development audit?

A

Review tenant commitments
Consider new opportunities
Plan ahead to resign or replace tenant
Finish refurbishing before expiry

Identify gaps

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21
Q

What is the development concept?

A

Securing and identifying best use for land including design needs and solution

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22
Q

Why is the development concept important?

A

Bad design can add 10-20% to TPC
Lowering OPEX can increase rent
Flexibility for future change
Green for top rents

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23
Q

What are 6 best practice development concepts?

A

Masterplan
Multiple uses
Green
Cost effective design
Tenancy operationally cost effective
Operationally efficient services

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24
Q

What are attributes of premium developments?

A

Create benefits from problems or extra space
Foresee a change in the market
Partner with major tenant

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25
Q

What does the RMA try to achieve?

A

A sustainable environment with minimised impact from a building on surrounding amenity

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26
Q

What is an integral requirement of urban design planning?

A

To positively relate to the surrounding land/community to the benefit of the area

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27
Q

Urban planning common outcomes for developments

A

Active street frontages with pedestrian focus
Scale and quality of exteriors relate to pedestrians
Mixed use requirements
Public open space interaction
Transport hierarchy

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28
Q

Urban planning common outcomes for cities

A

Less urban sprawl
Excellent designs
Green
Amenity
Transport hierarchy
Safety

29
Q

What do RC applications need to demonstrate?

A

Compliance with district schemes
EIA - physical, operational, spiritual, visual, environmental
Pro-active approach to consultation

30
Q

What do development fees include?

A

Council staff costs
Development fee
Water and power
Conditions - infrastructure, contamination removal

31
Q

What is the route to consent?

A
  1. Apply for LIM
  2. Land RC
  3. Building RC
  4. Building consent (3-4 months)
  5. Construction and inspections
  6. Council checks conditions on completion
  7. CCC (1-2 months)
  8. Compliance schedule
  9. Submit certification of checks from specialists
  10. BWoF
32
Q

How long does RC notifications take?

A

Non notified - 2-5 months
Limited notification - 3-6 months
Notified - 6-12 months + 1 month appeal

33
Q

Asserting style

A

Direct, pressure
Maintain control
End strongly

34
Q

Persuading style

A

Present both sides
One clear proposal
Repetition

35
Q

Bridging style

A

Active listening
Do not disagree
Draw them out

36
Q

Attracting style

A

Connect with values and goals
Describe desired result

37
Q

Presentation planning points

A

Plan ahead
Consider desired objectives and audience
Select media mix
What to say, how to say it, actually say it

38
Q

Environmental progress

A

Common for sustainable features and energy efficiency in CBD high rise
No regulatory requirement
Govt requirements
Grade A tenants

39
Q

Common developer risk mitigation

A

Pre leasing
Pre selling
Contractor takes risk
Bond/guarantee against contractor
Sunset clause

40
Q

How are risks best handled?

A

Early recognition and progressive refinement
Managed by those influencing them
Risk Management Plan
Profit provision

41
Q

Pre construction risks and mitigation

A

Environment - expert consultants, conditional contracts
Approvals - liaise with council
Political - transparency
Experience - good track records
Market - evaluate location
Feasibilities - reject marginal projects

42
Q

Land risk measures

A

Buying above market - valuer
Use restrictions - planner
Building title restraints - land surveyor
Ground conditions - geotech engineer
Tangata Whenua concerns - consultation
Environmental - environ engineer

43
Q

Design risk measures

A

Does not meet objectives - understand
Not best solution - review alternatives
Does not work for all - consultation
Tangata Whenua concerns - consultation
Consenting - authority discussions

44
Q

Building cost risk measures

A

Exchange rates - futures options
Contractor defaults - bond/guarantee
Inflation - fixed sum contract
Not fit for purpose - good designs
Completed building operating costs - PPP

45
Q

Time, lease, sale measures

A

Running over time - review progress regularly
Market changes - pre-lease/sell
Tenant insolvency - rental guarantee bonds
Buyer walks away - put option

46
Q

Additional risk put on contractors

A

Manage designers
Fixed price contract including meeting brief and consents

47
Q

Additional risk put on contractors

A

Manage designers
Fixed price contract including meeting brief and consents
Fit for purpose
Design risk to performance specs

48
Q

Office building trends

A

Lower OPEX
Non designated work stations - open plan, efficient use of space
Occupant density
Floor plates

49
Q

Office buildings resulting attributes

A

Large floor plates
Column free
Green/efficient
Located for workers
Hotel like entry
Flexibility

50
Q

Non designated workstations best practice

A

Flexible spaces
Collaboration
Sociability and wellbeing

51
Q

Implementing workplace change

A

Consultation early
Mock up areas
Workplace strategy consultant

52
Q

How does PM Org work?

A

Stage 2 - agreement of service to progress design development and pre-agree to later contract
Stage 3 - design advanced enough to price contract

53
Q

What are the advantages and disadvantages of PM Org?

A

Single point accountability
Overlap of design and construction

Higher fees
Relationship important

54
Q

What are the advantages and disadvantages of D&C?

A

Single point accountability
Overlap of design and construction

Higher fees
Simple projects

55
Q

What are the advantages and disadvantages of PM consultant?

A

Skilled project manager
Single point responsibility (not accountability)

Risks still held by client

56
Q

What are the advantages and disadvantages of tender traditional system by architect?

A

Low risk and little client involvement

No overlap between design and construction

57
Q

What is the current major project approach?

A

Indicative feasibility - engage designers
Detailed feasibility - negotiate fees with consultants and include novation clauses
Contractor appointment
Construction - novate consultants (single point accountability)

58
Q

Partnering

A

Overcome problems
Focus on what each party does best
Share resources
Joint ownership of issues

59
Q

Alliances

A

Long term
Risks shared
Contractors focus on innovation

60
Q

Joint ventures

A

Project specific
Assigns roles and allocates risk
Single point accountability

61
Q

What type of contract will developers seeking price comfort early in the development want?

A

D&C with more risk loaded on the contractor

62
Q

Health sector

A

Master plan
Mock up rooms
High operating costs
Fit for purpose
Complex business needs

63
Q

Hospitality sector

A

High operating costs
Competitive
Mock up rooms

64
Q

Refurbishment challenges

A

Respecting tenant rights and communication
Construction skills
Compliance requirements
Building development audit - scope

65
Q

Tenancy management during refurbishment

A

Early consultation
Lease obligations
TMP - 3 levels of contact
Contractor on board
Understand operations

66
Q

Retail development challenges

A

Long term planning
Majors
Programmes around trading cycles
Tenant coordination
Urban planning

67
Q

Tenanting establishment process

A

Market research = area
Tenant mix to match market
Area of tenancy = target market turnover / optimum trading performance
Rent = % of turnover

68
Q

Tenancy guidelines

A

Fitout visuals
Interior theme
Signage
Signs in development process for approval

69
Q

Tenancy coordination process

A

Briefing meeting
Concept design review
Full concept design review
Construction drawings review
Construction

PROPERTY342 (21 decks)

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