SSUD 71-328 SPECIALIST AND STATUTORY VALUATION Assignment 1 This is an INDIVIDUAL assignment. Grade: 15% of total course assessment Word Limit: 3,000 words ± 10% (excluding Table of Content and list of references) Due Date: Thursday, 3 August 2017 at 10 am Assignment Brief: The Gold Coast Rapid Transit Authority has received funding for the third stage of the light rail system. Property owners who will be affected by the light rail extension have received Notices of Intent dated 1 May 2017. You are required to write a report about compensation entitlements for all parties with an interest in the properties that will be impacted by the proposed resumption, as outlined in the attached schedule. For each party, you should state the relevant heads of compensation payable and the methodology that would be used to calculate the compensation. The area of resumption for each property is approximately half of its current size. A schedule summarizing the relevant details of each property is below. Current improvements and their uses for each property are described in this document. Construction work is proposed to commence on 1 October 2017. Your report should refer to relevant Statutory and common law, using the Harvard style of referencing. The scenario is this assignment is fictitious. You do not need to refer to the Planning Scheme to complete this assignment. State any assumptions that you make. Yvonne Maher Assistant Professor Property Number Address Lot Plan Zoning Area before resumption m2 Area to be resumed m2 Area after resumption m2 1 2570-2572 GOLD COAST HWY MERMAID BEACH L25-26 RP45204 LIGHT INDUSTRY (GOLD COAST) 815 428 387 2 2574 GOLD COAST HWY MERMAID BEACH L24 WD1784 LIGHT INDUSTRY (GOLD COAST) 410 202 208 3 2576 GOLD COAST HWY MERMAID BEACH L390 WD5151 LIGHT INDUSTRY (GOLD COAST) 411 207 204 4 2578 GOLD COAST HWY MERMAID BEACH L22 RP45204 LIGHT INDUSTRY (GOLD COAST) 410 214 196 5 2580 GOLD COAST HWY MERMAID BEACH L21 RP45204 LIGHT INDUSTRY (GOLD COAST) 410 224 186 6 2582 GOLD COAST HWY MERMAID BEACH L1 RP854919 LIGHT INDUSTRY (GOLD COAST) 814 398 4162 Google street view showing two properties located (from left to right) at 2570-2752 Gold Coast Highway Mermaid and 2574 Gold Coast Highway Mermaid Beach respectively. Part of each of these properties will be resumed. Google street view showing four properties located (from left to right) at 2576 Gold Coast Highway Mermaid Beach, 2578 Gold Coast Highway, Mermaid Beach, 2580 Gold Coast Highway, Mermaid Beach and 2582 Gold Coast Highway, Mermaid Beach respectively. Part of each of these properties will be resumed.3 The above aerial image shows the properties from the rear, looking east. The purple outline shows the six properties that will be affected by the proposed resumption. Each property has a frontage to the Gold Coast Highway, Mermaid Beach. The property on southern end is 2570-2572 Gold Coast Highway whilst the property on the western end is 2582 Gold Coast Highway Mermaid Beach. The Property highlighted in yellow in the photo is 2578-2580 Gold Coast Highway, Mermaid Beach, which is currently for sale in one line. This aerial image shows the properties to be resumed, looking north from Surfers Avenue.4 Property 1 Address: 2570-2572 Gold Coast Highway Mermaid Beach RPD: Lot 25-26 RP45204 Area prior to resumption: 815 sq m Area to be resumed: Approximately 428 sq m Area after resumption: Approximately 387 sq m Property Description: The property is situated on the corner of the Gold Coast Highway and Surfers Avenue, Mermaid Beach, with good exposure to both. Improvements comprise a single level concrete block building built across both lots. It is currently leased to four separate tenants. Aerial image of the property showing its frontages to Surfers Avenue and the Gold Coast Highway. This aerial image shows the cadastral outline of the property with the area shaded in yellow being the portion of the property that will be resumed.5 Google street view image showing the shopfronts of three of the four tenancies in the building which have frontages to the Gold Coast Highway. Google street view image showing the shopfronts of two of the four tenancies in the building which have frontages to the Surfers Avenue.6 Property 1 Tenancy Details Tenant 1: JR Sunglasses JR Sunglasses has operated from the corner premises since 1999 as an independent specialty sunglasses retailer. This tenancy has good exposure to the Gold Coast Highway and Surfers Avenue. The current lease is due to expire on 31 December 2018. Front entrance to JR Sunglasses as seen from the corner of the Gold Coast Highway and Surfers Avenue. View of JR Sunglasses shop as seen from Surfers Avenue, Mermaid Beach, looking north. Tenant 2: Lush Industries The tenant relocated into these premises from the space currently now occupied by tenant 3. The property owner refurbished the premises prior to Lush Industries leasing the premises from January 2016. Lush Industries operate a coffee lounge and beauty parlour from the property. This tenancy has frontage to the Gold Coast Highway only. The current lease will expire on 31 December 2018. View of Lush Industries street frontage as seen from the Gold Coast Highway. Lush Coffee Lounge is on the left and the beauty parlour is on the right. Fitout of the interior of the beauty parlour operated by Lush Industries.7 Tenant 3: Pawsh Pawsh operates as pet grooming salon. It has a twelve-month lease due to expire on 30 September 2017. This tenancy has frontage to the Gold Coast Highway only. Shop front of Lush Industries as seen from the Gold Coast Highway. View of the building showing Pawsh shop frontage, looking south west. Tenant 4: Pulse Autos Pulse Autos operates a vehicle repair business from the premises. The tenancy has its frontage to and access from Surfers Avenue only. Its three-year lease is due to expire on 31 December 2018. Shop frontage of Pulse Autos as seen from Surfers Avenue looking north. Refurbishment of the premises prior to the occupancy of Pulse Autos.8 Property 2 Address: 2574 Gold Coast Highway Mermaid Beach RPD: Lot 24 WD1784 Area prior to resumption: 410 sq m Area to be resumed: Approximately 202 sq m Area after resumption: Approximately 208 sq m Property Description: Regular shaped inside allotment with a 10.5 metre frontage to the Gold Coast Highway. Improvements to the property comprise a two-level concrete block building previously occupied by Jaycar, an electronics retailer. The property is currently vacant and for lease. The above aerial image shows the dimensions of the property and its frontage to the Gold Coast Highway. This aerial image shows the cadastral outline of the property with the area shaded in yellow being the portion of the property that will be resumed.9 Street frontage of 2574 Gold Coast Highway Mermaid Beach.10 Property 3 Address: 2576 Gold Coast Highway Mermaid Beach RPD: Lot 390 WD5151 Area prior to resumption: 411 sq m Area to be resumed: Approximately 207 sq m Area after resumption: Approximately 204 sq m Property Description: The property is a regular shaped inside allotment with a 10.5 metre frontage to the Gold Coast Highway. It is currently owner occupied and operates as Stuart Surfboards which is a retail shop and workshop. The premises are single level at the front of the site with a two-storey brick former dwelling attached which is currently used for workshop purposes. There is also a detached shed at the rear of the property. The above aerial image shows the dimensions of the lot prior to resumption. This aerial image shows the cadastral outline of the property with the area shaded in yellow being the portion of the property that will be resumed.11 The above image shows the shop frontage of Stuart Surfboards as seen from the Gold Coast Highway.12 This image shows the dwelling/workshop behind the shop. The above image shows the building situated behing the shop front and storage sheds to the rear. The yellow boundary is for the adjoining property (Lot 22).13 Property 4 RPD: Lot 22 RP45204 Address: 2578 Gold Coast Highway Mermaid Beach Area prior to resumption: 410 sq m Area to be resumed: Approximately 214 sq m Area after resumption: Approximately 196 sq m Property Description: Regular shaped inside allotment with 10.5 m frontage to the Gold Coast Highway. Improvements comprise a single level commercial building at the front of the lot that was previously used as a retail shop. The property owners continue to run an on-line Asian grocery business from these premises. There is driveway access to the rear of the lot and the detached twostorey dwelling at the rear of the site. There is a detached two-storey dwelling at the rear of the premises which is currently tenanted with a lease expiry of 31st July 2017. This site is currently for sale in one line with the adjoining lot. Lots 21 and 22 are owned by the same owner. The above image shows the outline of the property and its frontage to the Gold Coast Highway. Area image showing proposed resumption area from Lot 22.14 Single level shop and driveway access to street frontage and two storey detached dwelling to the rear of the lot.15 Property 5 RPD: Lot 21 RP45204 Address: 2578 Gold Coast Highway Mermaid Beach Area prior to resumption: 410 sq m Area after resumption: 186 sq m Property Description: Regular shaped inside allotment with 10.5 metre frontage to the Gold Coast Highway. Improvements comprise a two level commercial building currently owner occupied and operating as a restaurant known as Bangkok Thai. There is an attached manager’s residence at the rear. Lots 21 and 22 are owned by the same owner and are currently for sale in one line. Aerial image of the lot showing the property boundaries and area. Aerial image showing proposed resumption area from Lot 21.16 Street frontage of Lot 21 operating as Bangkok Thai restaurant. Lot 21 as seen from the rear of the lot.17 The rear of Lot 21 with onsite parking and restaurant amenities. Below is a photograph showing an outline of the two adjoining properties from an aerial image.18 Lots 21 and 22 are currently advertised for sale in one line, highlighted with the yellow outline in the image below.19 Property 6 RPD: Lot 1 RP854919 Address: 2582 Gold Coast Highway Mermaid Beach Area prior to resumption: 814 sq m Area after resumption: 416 sq m Property Description: Lot 1 is regular shaped corner allotment with wide street frontage to the Gold Coast Highway and Seaview Avenue. Improvements comprise a two-storey industrial showroom, workshop and offices operating as L&M Electrical appliance store and workshops. Aerial image of the property showing dimensions of boundaries. Aerial image showing proposed resumption area from Lot 1.20 The above image shows the extent of the existing improvements with the workshop area having frontage to Seaview Avenue. Street frontage with onsite parking to 2582 Gold Coast Highway.21 Customer parking and rear access gained from Seaview Avenue frontage. Rear showroom access