Assessment 1- Valuation Report – Due 25 April 2022, 5:00pm
This assessment worth 30% (individual assignment). The purpose of this hypothetical land acquisition exercise is to give students the opportunity to prepare a professional standard valuation report.
This is a hypothetical land acquisition exercise. You are forbidden to enter the property and/or approach residents.
Scenario
The property owner/s of No. 131, North Rocks Road, North Rocks, NSW 2151, had received an acquisition notice from the NSW State Government notifying them of their intention to acquire the whole property for a community development purpose. The date of acquisition is 1st March 2022.
The property is currently leased to Mr. Cooper. Mr Cooper and his wife have been staying there since January 2019. The current weekly rental is $650.00 net, and the current lease will be expired in 3 years’ time without any rent review. Mrs. Cooper has been teaching art lessons from one of the spare rooms on the property since they moved in in 2019, the art teaching is a registered business.
The landowner, together with the tenant, have instructed you, the consulting Valuer, via a letter, to conduct an independent valuation report.
You, the valuer, are to prepare a full compensation valuation report as per the NSW LAJTC Act 1991, to advise the landowner and the tenant of the reasonable compensation for the compulsory acquisition of the property.
Your report is to include details of the relevant Compulsory Acquisition Act, to include all the Heads of Compensation and to explain which Heads of Compensation are relevant to the subject case, why they are relevant, why they are not relevant, and a realistic amount of each Head of Compensation must be incorporated in your calculations.
You need to assess the possible amount of compensations for both the landlord and the tenant.
You may make reasonable assumptions to supplement necessary details to complete the report. However, you must state the reasonable assumptions clearly.
You must submit the valuation report through the Turnitin link on vUWS.
This is a hypothetical land acquisition exercise. You are forbidden to enter the property and/or approach actual tenants. Information should be accessed via internet only.
Report writing requirements
Up to 4000 words (clear and concise) excluding attachments/appendices, using 12 points font, 1.5-line spacing. Proper referencing to cases, statutes, texts, and articles is required. Harvard referencing style should be used for this report.
Other free information sources you can access include
• CoreLogic RP Data (student access)
• NSW LPI planning portal
• Realestatet.com.au
• Domain.com.au
• Realcommercial.com.au
• Google street view
• Town planning/zoning information on council’s website
• SIX Maps