Real Estate Valuation
STATUTORY VALUATION/COURSEWORK 2 COMPULSORY PURCHASE
You have been asked to advise on the possiblecompulsory purchase of property required by a local authority to assist with the support of a town centre within its administrative area. The local authority wishes to provide a site to it’s joint owner of a small local shopping centre.The site will be for a shopping centre extension, as part of a modernisation programme, including adjacent land for highway improvements and accommodation works. The land for the highway improvements has been included in a plan discussed at the authority’s recent Cabinet meeting and the land for the shopping centre improvement is designated as an ‘opportunity employment area’ in the approved local development framework.
The property not already owned by the Local Authority comprises;
For the shopping centre
1. A freeholdpair of semidetached Victorian cottages.
2. An owner occupied freehold shop with upper parts in a terrace which is within the authority’s ownership.
For the highway works
1. A vacant freehold yard of 2000 sq. ft.
2. Two narrow parcels of land of 250 and 500 sq. ft. respectively.
The CEO of the Local Authority has asked you to advise on the following.
1. Whether a CPO is the best way to proceed.
2. The likely total cost of acquisitions within the CPO area. Assume the properties are within an area you are familiar with
3. For financial planning purposes, the most likely phasing of the funding required for the acquisitions.
4. Any political issues that need to be given consideration for mitigation and briefing of the press office.
5. An estimate of when the land will be available for each scheme in the overall strategy.
Prepare a report of up to 1500 words addressing the points above, to include an appendix with valuations, and a brief outline of the legal basis for all the advice given.
1. Provision of accurate valuations to support recommendations.
2. Use relevant statutes and case law to justify the advice given.
3. Demonstrate a theoretical and practical approach to the assignment.
The hand in date is by 1pm on the 11th January 2016