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Initial Investigation StageMarket Research To assess future financial incomes from project implementation, S.A.Ricci / King Sturge experts assess the existing level of prices in a given segment, the current and forecasted level of competition, market development trends, and the main features of the most successful projects. Market monitoring is not an end in itself, it is just a way to estimate the prospects of a new project and to prepare a revenue forecast.
Development Concept Elaboration
In new projects, our main principle, which allows us to obtain maximum details is: «FROM THE GENERAL TO THE SPECIAL».
a) At the earliest stage of work, S.A.Ricci / King Sturge experts prepare an aggregated functional zoning scheme for a facility and coordinate this with the client.
Both the local experience of the Russian expert team and the experience of King Sturge employees across the world are used; project cases from other countries are adapted to Russian conditions.
b) Understanding an aggregated list of the main functions of a project and the key target groups of visitors develops into the following detailed vision:
what groups of visitors can intersect and/or have intersecting public zones, and what groups require compulsory separation into a separate flow (an example is shown in the figure).
c) Preliminary conclusions concerning the development result in a general transport and pedestrian scheme for the project.
Authority Relations In practice, in the course of the approval of the preliminary scope of the area development, it turns out that the most efficient is in the immediate work with the authorities, the town-planning committees of the cities, and other such related institutions. S.A.Ricci / King Sturge experts’ experience suggests that for infill development in the historical centers of cities it is already possible during the first negotiation session to assess the existing restrictions on a project in terms of height, functions, the possibility of changes in the transport scheme of the land plot, and some other details that are important for project implementation.
Detailed Design Plan, Preliminary Solution d) The approved scope of construction at a land plot, and the project positioning, allow us to estimate the required standards for parking areas, and to prepare recommendations for the allocation of the required number of parking places for project visitors. Working with office facilities, our experts take into account the average market indices for each class of offices; for retail and multifunctional projects they use the methodology developed by the Urban Land Institute based on its analysis of over 4000 of the largest commercial projects.
e) Then the company project team develops a functional zoning scheme for each floor of the building or set of buildings. They use the simplest means of visualization (Visio, AutoCAD – schematic view). At the first stage, only an aggregated scheme is developed, which is coordinated with the investor.
In the case of an office center, the task is easier, as it is possible to prepare a model plan for all the uppermost floors of high-rise buildings. Project Investment Analysis
In order to determine the economic feasibility of a project, S.A.Ricci / King Sturge experts perform investment analysis: estimate the aggregated cost and time limits of implementation (quarterly schedule), the revenue forecast for the future period, the operational costs of the project, and the marketing budget.
The results obtained are analyzed, and all the key factors are calculated, reflecting the project's investment appeal.
S.A.Ricci / King Sturge experts are ready to prepare and present an investment memorandum for a bank selected by the client if necessary. |
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