Building Feasibility

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 An opportunity to develop a site at the location of 424 Malvern Road Prahran was taken on behalf of the AMIT Developments group. Many stages of planning and evaluation were considered to ensure a quality output was reached. Pros and cons are discussed to enable a clear understanding of what there is to offer. Legal planning requirements are also included. Promotional planning is introduced to show how the subject property will be promoted to the public, and whom it will be promoted to. Also many details of the land, size, location and an alternative offer for this land is also included throughout the report.

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Pros and cons

Currently, the project, which is being proposed, does contain positive and negative aspects; Firstly, a pro of this project is the land size (381m2) is a perfect size to house the proposed development. There is adequate space proving for a 14-unit apartment, retail area and Car Park. Secondly, the location (424 Malvern Road) of the proposed site is in a pocket, which allows easy access to the city with a tram route going up Malvern road, which terminates at Melbourne University. Furthermore the location is in relatively close proximity of one of Melbourne’s fashion icons: Chapel street. A further pro of the development is that the median sale price for the apartments is around 510 thousand dollars per apartment, this in comparison with the median unit price for Prahran in September 2013, which is 570 thousand dollars. From this it can be seen that for our apartment block, the prices are below the median price this may make them more appealing to potential buyers, which may drive the price of them higher. A further pro of the proposed apartment block is that it is constructed from the highest quality materials; this will guarantee the integrity of the structure for a long period of time. The addition of a café to the bottom of the development will provide a more homely feel, with this a feeling of pride about where the individuals reside.

Although there are some positive aspects of the proposed apartment block, on the converse there are negative aspects as well. Firstly, the question has to be asked (and will be covered further on) is the apartment block the best use of the space, which we are using. Or, is there another construction, which would be more beneficial to the community and the profits of this company.  Secondly, because of the cost incurred by the developers it has been advised that the apartments do not be constructed which would mean that the apartments are not built.  A second con of the project is the fact that the apartment block is located on a main road, which could be off putting for potential buyers. Additionally, the apartment building is adjacent to a police station, which may result in sirens being heard throughout all hours of the day.