Real Estate Development Case Study Example | Topics and Well Written Essays - 4250 words

Real Estate Development - Case Study Example to protect the flat site which is several metres below the level of the Canal). The western boundary is provided by Gilmore Park. The eastern boundary is formed by another development site that is in the process of being redeveloped (the buildings on this adjoining site have already been demolished and the site leveled). The northern boundary comprises a block of tenement properties (forming the north-west corner of the site) and a main road (Fountain Bridge). The total area of the site is 11,500m2. The site is fully serviced with boundaries clearly marked and established. The owner, Scottish & Newcastle, will offer the property for (freehold) sale with vacant possession. There will be no disturbance costs and it is expected that the demolition of the existing structures and their removal from site will cost 50,000. The site may contain contamination therefore a sum of 50,000 should be included in appraisals to cover for such an eventuality. The Fountainbridge area has undergone considerable change in recent years. Since the announcement that Scottish and Newcastle intended to close Fountain Brewery, the area has continued to be the subject of development pressure. The area occupies a strategically important location to the west of the city centre, close to the Exchange, Tollcross and Haymarket. It also incorporates an important waterway, the Union Canal. The opportunity exists to create a quality urban environment, exploiting and enhancing its distinctive canal side location and establishing important linkages through the Fountainbridge area and beyond. Brewery buildings and structures, all of which are redundant, dominate the existing townscape. Adjacent to Lochrin basin, which is the modern day terminus of the Union Canal, new office, leisure and residential developments have sprung up. Existing residential properties in the Grove Street area and around Gilmore Place/Lochrin Place are located adjacent to some of the key redevelopment opportunity sites in the Fountainbridge area. Other existing uses provide a mix of predominantly commercial, leisure and industrial premises, some of which are underused or vacant. The area is well served by three main east-west transport routes. The West Approach Road and Dundee Street/Fountainbridge both carry high volumes of vehicular traffic into and through the area. The Union canal provides an important pedestrian and cycle link through the area, with the potential for greater use by boats as part of the Millennium Link. North-south links are much less well defined. Context of Policy The development plan covering the Fountainbridge area is the Central Edinburgh Local Plan (adopted May 1997) and the Edinburgh and the Lothian's Structure Plan 2015 (approved June 2004). In terms of current planning, the majority of the site falls within an 'existing industrial area' designation. In general, business and industrial development, including