REMB16-Real Estate Development
Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Autumn term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2023/4
Module Convenor: Prof Pat McAllister
Email: p.m.mcallister@henley.reading.ac.uk
Type of module:
Summary module description:
This module provides a course of study that focuses on the property development process. The module aims to provide students with an understanding of:
the factors which influence the development process and its outcomes;
the activities, agents, events, relationships, skills and tasks involved;
current trends in UK residential and commercial development; and
applied techniques in the financial appraisal of development opportunities.
The content of the module is focused on some of the practicalities of real estate development, as well as on the broader political context in which development takes place. There is an emphasis on applying and linking concepts from economics, political economy and finance in order to help students to develop their understanding of property development as a multidisciplinary and social process. In addition, students will develop a practical and applied understanding of real estate development appraisal.
Aims:
The module has three overarching aims:
To develop students’ understanding of the practicalities of some of the development process i.e. the activities, agencies, events, relationships, skills and tasks involved.
To develop students’ capacity to critically analyse real estate development as a social and political process.
To develop students’ skills in the financial appraisal of development opportunities.
Assessable learning outcomes:
By the end of the module it is expected that students will be able to:
employ conceptual models to analyse the development process;
discuss the variety of different types of developers and their objectives;
critique the various private and public sources of demand for and supply of new development;
analyse the interrelationships of planning and the development process;
demonstrate understanding of how the development land market works;
apply appropriate techniques in the financial appraisal of a development opportunity.
Additional outcomes:
In addition, by the end of the module it is expected that students will be able to:
discuss the various ways in which risk can be managed through the procurement of development contractors;
explain the role of the planning system in delivering town centre regeneration;
discuss the various techniques by which local planning authorities can capture a proportion of development value through the planning system.
Outline content:
Models of the development process.
Types of developer and development.
Residential developers and development.
Commercial real estate cycles.
Introduction to procurement and construction.
Land owners, land acquisitionand land promotion.
Development appraisal.
Negotiating the planning system.
Global context:
This module is primarily focused on the UK context, but does draw on case study material from various other countries.
Brief description of teaching and learning methods:
The module is delivered in a block release format that involves a four day face to face teaching block with pre-course preparation plus online post-teaching support. The module is taught in an interactive format through seminars and workshops. An assessed individual project is the consolidating and integrating vehicle for the taught material. Students are encouraged to share information via Blackboard in the extended online support period which follows the face to face ele ment. An online discussion of the case studies between tutors and students supports the assessment in this module.
| Block Release | |
| Lectures | 10 |
| Tutorials/seminars | 10 |
| Practicals | 10 |
| Other contact (eg study visits) | on-line Discussion Board |
| Total hours | 30 + on-line learning support |
| Number of essays or assignments | 1 major appraisal assignment |
| Other (eg major seminar paper) |
| Method | Percentage |
| Written assignment including essay | 50 |
| Report | 50 |
Summative assessment- Examinations:
None
Summative assessment- Coursework and in-class tests:
The module will include a two-part assignment comprising a development appraisal and accompanying report (1,500 words excluding the appraisal cash flow), and an essay on a different topic (2,000 words), both assignments combined are equivalent to a?5,000 word?essay (including calculation and annotation).
Assignment Submission Deadline: Week 21
Formative assessment methods:
The module includes appraisal teaching which will have in-class problem solving workshops.
Penalties for late submission:
The Support Centres will apply the following penalties for work submitted late:
- where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
- where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.
The University policy statement on penalties for late submission can be found at:?https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.
Assessment requirements for a pass:
The pass mark for this module is 50%.
Reassessment arrangements:
Reassessment will be by the same method as for the module's original assessment requirements, subject to variation by the Examination Board where appropriate'.
Additional Costs (specified where applicable):
Last updated: 30 March 2023
THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.