George Giannes, a Bond University, Masters of Valuation and Property Development scholar with colleague Jordon Falvey, have won the 2019 Pacific Rim Real Estate Society (PRRES) International Feasibility Case Competition.
This competition was strongly contested by a number of universities both domestically as well as internationally within the Asia Pacific region.
The competition required the demonstration of skills in property and feasibility analysis by creating a development proposal for a nominated site in accordance with a specific project brief and key assumptions.
A detailed feasibility study was undertaken for the redevelopment of 496 Northbourne Avenue, Dickson, Canberra. The site located on the Metro light rail line includes an area of 6090 m2 and existing improvements as four-levels of the commercial building offering 3,872 m2 NLA at a PCA B-grade standard.
The winning feasibility scenario included the following;
- Single stage mixed-use development comprising office, retail and childcare uses,
- Eight level building comprising 20,598 m2 of NLA,
- Ground level retail, restaurant and childcare comprising 1,320 m2 of NLA,
- Upper level office accommodation comprising 19,298 m2 of NLA,
- Three basement levels of car parking for 449 vehicles; and
- Product conforming to PCA A-grade standard.
George’s contribution included valuation of existing site ‘as is’, market demand analysis, town planning assessment, yield analysis, preliminary 3D built form modelling, risk assessment and responsible for the financial model using ARGUS Estate Master software to determine feasibility and assessment of key financial outcomes, sensitivity and probability analysis.
BlueCHP’s CEO, Charles Northcote, said the fact that George won this competition is an outstanding reflection on his skill and dedication to professional development.
‘Property development is hugely complex, and George’s ability to assess different scenarios, including their financial feasibility are central to BlueCHP’s work.
The competition demonstrates BlueCHP’s unmatched command of ARGUS Estate Master software and our ability to provide property and feasibility analysis,” Mr Northcote said.
George has worked for more than 15 years in the property industry with extensive experience across Australia, including work for some of Australia’s largest developers.
At BlueCHP, George is responsible for property advisory and development management, which includes portfolio assessment, project feasibility analysis and operational financial modelling. George also oversees the design and delivery of projects.
George holds qualifications in real estate, valuation and property development and is a licensed QBCC registered builder.