This project assignment is about sustainable property development on an empty plot where the government is planning to build a children’s park. The project report contains all the details regarding the site parameters, recommended uses of the plot and financial details related to it. An alternate project plan has also been included in the report along with the project details that are required to execute the project plan.
Site location: 2-4 James Street, Baulkham Hills NSW
Site Photos: Due to some constraints, physically visiting the site was not possible thus picture found in a real estate broker website has been attached for the commercial development site.
Source: (CommercialRealEstate.com.au. 2019)
Area: The total land area of the site is 2,786 m2 (CommercialRealEstate.com.au. 2019)
Current use: The site is currently vacant development area backing onto a state-owned park
Cadastral data: The site is located at the back of a state-owned park, situated at a walking distance from future T-Way Bus Interchange. The nearby landmarks from the site include Baulkham Hills Library, Norwest Business Park, Stockland Baulkham Hills Shopping Centre, Castle Towers Shopping Centre and Parramatta CBD.
Source: (CommercialRealEstate.com.au. 2019)
Site zoned in terms of the Local Environmental Plan: In terms of the local environmental plan, the site is zoned for R3 – Medium Density zoning as it is at the back of a state-owned park. 3 of the 4 sides are blocked, however, on the side of the site, which is the front site is open facing James Street (CommercialRealEstate.com.au. 2019).
Uses permitted in the zone: The permitted uses of the site involve local development suitable for community and social development andindustrial development of factories or warehouse. The area being surrounded by local residential community, the environmental regulations are high thus industrial development is restricted (CommercialRealEstate.com.au. 2019).
Type of uses the site is well suited for: The site is well suited for the development of Townhouses, Childcare facility, Neighbourhood Shops such as grocery, medical store, other retail stores, garment store, Senior and aged care facility development, Community Facilities & Place of Public Worship (STCA).
Cost of purchase: The costs relating to purchase is not yet disclosed. However, necessary information can be availed from the real estate agent Alex Mirzaian (contact no. +61400523523) (CommercialRealEstate.com.au. 2019).
Other financial Information: The cost of energy in the surrounding area ranges from $471.16 and $877.48 per quarter. Fixed water meter in the area based on the size of the meter the charges for water changes. For instance, for a 20 mm water meter, the cost is $20.19 a quarter, while a 500 mm meter would charge $12,604.51 a quarter for individual meters (Sydneywater.com.au. 2019). The Average strata rates at Sydney are $950 per quarter with the median rate at $850 per quarter. The maintenance and upkeep of the property rates are not available and must be calculated separately.
Presently, the plot is empty, and the government is planning to build a children’s park here. However, there are some alternate ideas on how to suitably use this empty plot so that the local people living near the plot can benefit from it. A proposed alternative plan for using this plot has been described below along with the ‘back of envelope’ feasibility spreadsheet.
The grocery store is an essential social service that is necessary for all people living in the society (Grengs, 2015). According to a recent study, Grocery store and Supermarket industry is worth $102 billion and is expected to grow by 2.2% in the near future (Retailworldmagazine.com, 2019). The current area does not have larger grocery stores to support the locals. However, the population in the nearby area has increased considerably, and the local grocery store is unable to provide all the necessities required by the local residents. This is why the government could think of building another grocery store in the empty plot instead of the children’s park as it would be more helpful for the local people. However, this grocery store plan is still in the idea stage and more detailed information on the project plan is required before it can be considered to build a grocery store here.
The project plan for building the grocery store consists of four major important aspects that must be considered before executing this alternate plan viz., concept, market analysis, feasibility analysis and site controls. These three aspects are discussed briefly below.
The core concept is to build an average-sized grocery store with all the supplies of regular essentials and products required by the local residents (Komakech and Jackson, 2016). The recommended plan is to build a two-storey grocery centre for food items and general household requirements for everyday uses. Such categorization would help to serve the public better also help the store owner manage its customers properly (do Vale, Matos and Caiado, 2016).
According to a recent report, there is non-availability of a large grocery store in the area (Theconversation.com, 2019). Thus, market analysis is necessary before building a new one to ensure the sustainability of the store. The population of Sydney has grown rapidly in the past few years (Abc.net, 2019). Thus, it is necessary to build a new one to meet with the daily household requirements of the citizens. Moreover, a wide range of products will be available in the new store as the old store inventory is not always up to date and people don’t always get their required products in stock.
Source: (Ciulla, Galatioto and Ricciu, 2016)
From the analysis of the feasibility of the project, it can be evident that the cumulative difference for costs and benefits of the project is coming to be positive at the end of 3rd year which implies that the project is profitable if implemented.
There are certain rules that need to be maintained near the grocery store.
Conclusion
The project assignment provides a conclusive report on the physical and financial details of the empty plot and the recommended uses on how it can be utilised. The alternate plan for building the grocery centre has also been provided with the project plan and concepts that would help to fulfil the recommended project. Proper usage of an empty plot is necessary so that society can benefit from it and it is put to social usage for everyone living around it.
References
Abc.net, 2019. Melbourne, Sydney and Brisbane populations soar but growth drivers differ
Available at: https://www.abc.net.au/news/2018-04-24/melbourne-sydney-brisbane-populations-soar-growth-drivers-differ/9693470 [Accessed 7th Jan. 2019]
Caceres, B.C. and Geoghegan, J., 2017. Effects of New Grocery Store Development on Inner-City Neighborhood Residential Prices. Agricultural and Resource Economics Review, 46(1), pp.87-102.
Ciulla, G., Galatioto, A. and Ricciu, R., 2016. Energy and economic analysis and feasibility of retrofit actions in Italian residential historical buildings. Energy and Buildings, 128, pp.649-659.
CommercialRealEstate.com.au. (2019). 2-4 James Street, BAULKHAM HILLS NSW 2153 – Land Development Property For Sale – 2014920719. [online] Available at: https://www.commercialrealestate.com.au/property/2-4-james-street-baulkham-hills-nsw-2153-2014920719 [Accessed 6 Feb. 2019].
do Vale, R.C., Matos, P.V. and Caiado, J., 2016. The impact of private labels on consumer store loyalty: An integrative perspective. Journal of Retailing and Consumer Services, 28, pp.179-188.
Grengs, J., 2015. Nonwork accessibility as a social equity indicator. International Journal of Sustainable Transportation, 9(1), pp.1-14.
Komakech, M.D. and Jackson, S.F., 2016. A study of the role of small ethnic retail grocery stores in urban renewal in a social housing project, Toronto, Canada. Journal of Urban Health, 93(3), pp.414-424.
Retailworldmagazine.com, 2019. The state of supermarkets and grocery industry. [online] Available at: https://www.retailworldmagazine.com.au/state-supermarkets-grocery-industry/ [Accessed 7th Jan. 2019]
Sydneywater.com.au. (2019). Prices for your business. [online] Available at: https://www.sydneywater.com.au/SW/accounts-billing/understanding-your-bill/prices-for-your-business/index.htm [Accessed 6 Feb. 2019].
Theconversation.com, 2019. ‘Honey, I shrunk the store’: Why your local supermarket is getting smaller. [online] Available at: https://theconversation.com/honey-i-shrunk-the-store-why-your-local-supermarket-is-getting-smaller-98246 [Accessed 7th Jan. 2019]
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