Redeveloping affordable luxurious homes
.Objectives.
To establish a spacious playing ground for the children that is environmentally friendly. Due to the requests made by previous home owners, the playing ground was considered small. An additional, basket ball pitch of 4m by 5m, behind the Kitchen will make the home more appealing for the children of all ages.
To provide an additional servant quarter that may be used for personal uses by the house owner. This may be used as a source of income earning by the land owner if he decides to accommodate someone else. It can also be used to house the servants in case, the owner needs extra house keepers who will be easily available at all times
To enhance a peaceful and conducive environment for the tenants. The luxurious homes will be situated in Glenelg North that is renowned for its peaceful nature. The area is near a police station that will guarantee proper security care all the time. Primary and boarding schools are nearby that are known to be among the best in the country. All these factors make the home valuable for a family that has decided to settle after a long hustle. This will enhance their public image. As a result of a good public image, the organizations memberships may increase thus building its capacity (Sebastian & Sean, 2007).
Considering the objectives above, 4 Buckle Street is 672m2 and the land dimensions are 15.24m x 44.12m. 6 Buckle Street is same size Therefore this adds a future 1344m2 to the all reading 1010m2 of 595 Anzac Highway – 2354m2. Subject to Council approval a substantial building could be erected on the total of this land.
To achieve these objectives, the current owners the homes have been approached with the view to redevelop the homes. By attending at the Lands Titles Office, we have obtained this information. For the 6 buckle, its current site valuation is $ 325000. The current capital value is $435000 and the valuation date was January 1 1998. On the other side the 4 buckle is currently owned by Great Eastern PTYLTD SVETLANA. Its current site valuation is$31500. The current capital value is at$35500 and the date of valuation was in January 1988. Both homes have access to flowing water and a functioning sewer. The building conditions are average, a wall construction made of bricks and the roofing is corrugated cement sheet. In order to achieve these objectives we suggest approaching the owners with a letter of offer including a duly completed contract for purchase of the subject properties.
A review of property values in the immediate area suggests that an offer approximately $800,000 would be appropriate. This represents a reasonable offer for the two properties. This value has been based on land value only as both properties are in a poor state of repair. a timeline of 6 months to complete the project is estimated. This provides time to negotiate with the owners, provides time to arrange financing through the superannuation fund, and meets its strict criteria. This also allows time to arrange a conveyance for settlement of the properties.
Outcomes
A project should therefore yield results after its completion to avoid losses to the organisation (Heagney, 2011). This project will bring about additional income to the Trustees of the Monaco Superannuation Fund. This will help in the running of the daily activities of the fund. After the completion, the organisation may be performing evaluations of the project to ensure that it is performing well and fulfilling the intended objectives (Roberts & Gardiner, 1998).
Serving as learning opportunity for the team members will be another outcome. The fund saw an opportunity and they took it. This will serve as an experience to the team and when faced with a worthwhile and profitable opportunity they will take it. They will acquire negotiation skills and get to know all the formalities necessary for such a task (Longman & Mullins, 2004).
Bibliography
Heagney J.,2011. Fundamentals of Project Management. New York: AMACOM Div American Mgmt Assn
Longman A & Mullins.,2004. Project Management: Key Toll for Implementing Strategy. Journal of business strategy Vol. 25 No.5, 2004, pp.54-60.
Roberts, A. and Gardiner, P.D. (1998). Project Management and Strategy Implementation, Proceeding of the 3rd International Research Network on Organizing by Projects, 317-323.Alberta: university of Calgary.
