Riverside Quarter - Residential Property - Case Study Example

RESIDENTIAL PROPERTY PROJECT STUDENT’S NAME: INSTITUTION: INSTRUCTOR’S NAME: DATE: Part 1 Riverside quarter Legal description Riverside quarter is a residential property that lies opposite to the famous club Hurling am. It is located a few meters from wands worth town. Riverside quarter constitute of a wide range of private apartments that were completed in the year 2013.The apartment is spacious and has variety of features such as good interior looks, gardens and themes. The five riverside is the latest building that contains one, two and three bedroom houses .The name riverside originates from the location of the apartments where they are located near river Thames in south west London. The location of the apartment is appropriate for the beautiful serenity and the environment itself is attractive. The apartment offers one an opportunity to experience nature by viewing across Hurling ham and spending time to appreciate the beautiful gardens and landscape and also viewing the rowers who train in the river. The apartment also has restaurants from where one can end their day by strolling to have a cup of coffee. The legal ownership of the property is under a group of investors called the Frasers who construct and design apartments to be sold. The rights of the legal owner include the right of occupation, right to sell it and to exclude others. Location- neighborhood The immediate neighbor of the Riverside Quarter is the famous Club Hurling am whereby the residents have an opportunity to experience various festivals that take place yearly. River Thames is another location that describes the opposite view of the apartments. Having a look at River Thames, we can conclude that it acts as the attraction site for the Riverside apartments because it provides the serenity needed and admired by people. The quiet and relaxed environment results from the changes made by the sunrise and sunset in the river, which changes the character of its appearance enhancing the beautiful serenity. The apartments also have swimming pools that provide morning and evening fresh mood to the residents. The Jacuzzi and a gym are also availed in the apartment, and this enhances the health and fitness of the residents. The parks and gardens of Riverside Quarter are designed to provide maximum comfort to the residents. The gardens are decorated with different patterns that bring out the beauty of the apartment. The gardens are designed between the buildings and also around the building. The purpose of designing is to enhance the appearance of the apartments and hence enabling it to look more attractive. The nearest restaurant is the most famous Italian restaurant in London, known as Marco polo. The restaurant provides the best foods and beverages, and they have been able to focus on quality of the food. The River Quarter residents, therefore, cannot miss a treat from this restaurant. Its location is convenient to the residents and has served to be an outstanding restaurant. There are two major shopping centers near the Riverside Quarter. The Southside in Wands worth town centre and the Putney exchange.These two centers are equipped with a variety of latest trends in clothing’s, shoes, cars and other luxurious goods. Surrounding the shopping centers are boutiques that sell unique products and offer other body relaxing services. The neighborhood of the Riverside Quarter depicts a characteristic of luxurious lifestyle and therefore attracts those residences who like luxury. The nearby bar and restaurant also enables the residence to access their favorite dishes and cuisines that are traditionally made. Land description Under the description of the property, Riverside Quarter apartments describe the tangible types of properties whereby land has been used to construct these apartments. The property is real and from the description of the features, the community surrounding have been able to benefit from the services in the building such as a swimming pool. Also, the residents in the apartment give back to the community by purchasing goods and services from the nearby social amenities. The property depicts the characteristics of a real property because they charge high costs for an apartment; the apartments are durable and can last for decades and also they are immovable. The land is big enough to accommodate many residents, and there are fields and gardens from where the residents can enjoy their free time. The land is also well nurtured by planting grass and flowers throughout which provides the beautiful serenity. Description of the building The building is a nine storey that has been divided to come up with the best and spacious apartments. The building is tall and can be viewed from a distance. The materials used to construct the building are of high quality and the blending of architectural design brings out very attractive building also. The features of the building include the spacious rooms, ranging from one bedroom to four bedrooms apartments. The apartments are decorated by interior designers and have dining rooms and living rooms. There is swimming pool and a garden where people can enjoy their free time. The parking zone is also provided, and the residence can be able to access other amenities in the nearby buildings such as restaurants, shopping malls and banking services. The swimming pool has been complemented with Jacuzzi and gym that offers the residents an opportunity to enjoy their morning by refreshing themselves before embarking on the daily activities. The building has been constructed by skilled and competent architects from the Frasers property who are experienced in designing the best buildings in London. An overview of the building enables one to conclude the unique design used by the construction company. The aim of constructing such luxurious buildings is to attract more people to buy these apartments. The diagrams below help in understanding the features of Riverside apartments, Part 2 Marketing opportunity Appraisal of the subject property Appraisal of Riverside Quarter apartment has to undergo analysis of the apartments and to determine the worth of the property. There are factors to be considered when developing an appraisal that range from the uniqueness of the property in terms of materials used to construct it and the design used. Another factor considers the needs of the clients; it is obvious that every client has their different needs which should be considered. The buyer will also have to consider such factors as economic, political and social conditions of the surrounding in order to settle for a decision to purchase it. Developing appraisal for this property, comparison of the prices with other apartments to be sold will help us in attaching the worth of the property. Firstly, it is important to compare the past sales of the apartments and hence determine whether selling the present apartment will be successful. This is done through reviewing the budget plan before the construction and determining the cost used to construct and furnish the apartment. This will help in determining the cost of selling the property and hence in developing the appraisal. For the case of Riverside Quarter the worth of property is $ 650,000 for one bedroom, $ 700,000 for two bedrooms, $ 750,000 for three bedrooms and $ 800,000 four bedrooms. The appraisal will be made and advertized by Savills advertising agents whereby the interested viewers can apply for the purchase of the apartments. Method of sale and agency After the decision on the appraisal, determining the method of sale follows whereby we will look at the best method of selling property, and this will be accomplished by asking form the real estates and property consulting firms. They will help us in determining the best method and in this case considering the characteristics of the property will also help in choosing the appropriate method of sale. The property will be sold through agency whereby the agent will carry out the advertising for the property, and the interested buyers will apply for a meeting with the agency. The agency will advertise the cost of the property and book appointments with those buyers who are willing to buy at a fixed price. The best agency chosen for the Riverside Quarter is the Savills agency. This is because according to the previous sale of Riverside Quarter property, the agency has been able to find the potential buyers who have successfully bought the apartments. Therefore, the agency is the most suitable because of the trust other property dealers has attributed it. The details below will guide the interested buyers who would wish to purchase the property. Apartments for sale Riverside Quarter The Sales Gallery Milliners House Eastfields Avenue London, SW18 1LP T: +44 (0)20 88 77 2000 riversidequarter@savills.com Marketing and advertising From the knowledge of marketing, it is a method used to create awareness of an existing product or service in the market. When we take a look at the property, it is important to develop the most appropriate marketing strategy that will enable the interested buyers to get full information about the property. Advertising is one of the marketing aspects and therefore the sale of the property will be advertized by choosing the means of advertising. The first step is to develop a marketing plan for the property that will involve the vision and mission statement of the property. A marketing budget is essential because it will determine the amount of money spent in advertising. The agency will, therefore, determine a cost effective means of advertising. Use of online marketing strategy is the most appropriate for the sale of Riverside Quarter. This is done by developing a property website whereby the interested clients can log in and find all the information needed in the website. A brochure is appropriate because when the client logs in, he will have an opportunity to go through the property profile ranging from the location, the apartment gallery, the description of the property and the advantages that will influence the interested buyer. This method of advertising is appropriate because it is cost effective and will enable the client to have full information about the property at a glance. The advertising budget is approximately $ 50,000, the factors that constitute the amount of the budget include the development of the website, designing the marketing campaign, uploading the gallery and full information about the property and determining the best advertising sites in this case the use of search engines Google will be the best strategy to advertise the property. Part 3 Investment/ development opportunity The information about the property provides one with the thought of investment opportunity that accompanies the purchase of the property. If one can purchase this property, there are many opportunities to invest. The fact that the property is situated near a river provides one with the best investment opportunities. Let’s take a look at renting the apartments whereby people can apply to rent the property and live for some time. This will enable the buyer to earn monthly and hence benefiting from the rentals. The feature and the characteristics portrayed by the apartment attract mostly couples with a young family and also the old and retired people who want the peace of mind. Riverside Quarter apartments offer one the best serenity and the luxury. Looking at the gardens, one can be able to lease it for occasions and events because most people like to organize their events in colorful places, and the presence of the river enhance the beauty of the environment. Also, the ground floor apartments can be leased for conferences and other indoor occasions. There is also a development opportunity identified by purchasing the property. There is an extra piece of land where people go for picnics. This land is appropriate for constructing other houses and leaving a small space where the residents can visit for a picnic site. The fact that the place is near a river offers an opportunity to invest through designing a garden where people can spend their weekends and have a view of the beautiful serenity while experiencing the fireworks and festivals from the oxford and Cambridge bat race that passes by the river every year. Feasibility analysis Conducting a feasibility study enables one to determine the type of business they want to specialize on it. The fact that the property offers development opportunity is a motivator for conducting a feasibility analysis, which gives one a range of choices on the type of development to be done. Therefore for before one chooses the types of development one must consider whether the key driving forces that will dictate the future demand can meet the objectives of the opportunity. For my case, I have conducted a feasibility study, and I have decided to narrow in developing a garden to be used for various occasions and events. This is a business opportunity that I intend to specialize in it, having in mind that the property is located near a river and the thought of various occasion and event that people conduct outskirts of the town, will be suitable for the garden. According to the analysis, people like spending their weekends away from their homes and this influences the fact that the apartment is near a river. A small piece of land to be developed is located in some meters away from the apartments and therefore it will be an advantage because the residents will not feel disturbed. Analyzing the physical features forms the basis for the proposed garden. Zoning and other development controls will be used to establish the appropriate means of constructing a garden. The physical features will also be considered to determine the construction. For example assessing the land is important because it provides the details such as the size of the land, and whether it is suitable to construct the garden. The topography of the site also matters because it helps in designing the best and appropriate garden. The orientation of the preferred land and the type of soil determine how the garden will appear. The vegetation and the utilities will be assessed to determine the types of materials to be used when designing the garden. The neighborhood will be analyzed also for the purpose of construction; this will range from determining the nearness of the neighbors to the intended location and whether the proposed development plan will have an impact on their economic and social aspects. From the analysis, the neighbors also will benefit from the proposed development because, from the feasibility study, there is no other garden around the area and therefore the proposed will be able to serve the surrounding community. It will encourage business activities by development of social amenities for example restaurants, banks and shopping malls. Transportation service available in the location of the proposed development is efficient for transporting the construction materials. The availability of transportation is made convenient by the highways that connect the outskirts of the town towards the main town of South West London. The government services within the location are for example security whereby there is maximum government security, which enables the residents to live without the fear of social crimes. The facilities available are attractive to the residents and provide the most luxurious life in the Riverside Quarter. Feasibility study will be conducted by examining the aspects that the below graphical representation displays. This will help in identifying areas of weaknesses that can be a challenge in the implementation of development plan. Reference Robert E. Stevens, P. K. (1982). How to prepare a feasibility study: a step-by-step guide including 3 model studies. In Business & Economics (pp. 16-36). Prentice-Hall. Moye, J. (2004). The law of business organizations. Cengage learning. Spadaccini, M. (2007). Incorporate your Business:In any state. Entrepreneur Press Read More