Objectives
Adding value to companies existing property with which the trustees are the owners. With the purchase of the property, the company will add more value for resale purposes of the existing one. It will as well mark a greater future for the company.
The new property will provide space for extension of the existing property. This will enable the company reach the city councils requirements for parking lots. The extension would go up to three levels thereby increasing more lending space thus more income. This will lead to the growth of the Superannuation.
Considering the objectives above, 4+6 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 already 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. 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
This project will bring about additional income to the Trustees of the Monaco Superannuation Fund. The company’s land holding will increase thus an increase in assets.
References
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.
Sebastian Nokes, Sean Kelly.,2007. The Definitive Guide to Project Management: The Fast Track to Getting the Job Done on Time and on Budget. Upper Saddle River, New Jersey: Pearson Education. Prentice Hall Financial Times
