Master Facility & Real Estate Management
Title assignment : Investment Portfolio for Asset Management
Name module/course code : L.19555 WCM Strategic Asset Management
Name Tutor : Carla Brouwer
Name student : Jorden van Ramshorst
Full-time / Part-time : Full-Time
Greenwich student nr. : 001278544
Saxion student nr. : 532393
Academic year : 2022-2023
Date : 19 – 12 - 2022
Word count : 9048 words total
,Table of Contents
INTRODUCTION ............................................................................................................................................... 3
PROPERTY FACTS & ANALYSIS .......................................................................................................................... 3
BENCHMARKING & SWOT ...................................................................................................................................... 12
LOCATION ANALYSIS .......................................................................................................................................14
MARKET & TENANT ANALYSIS ........................................................................................................................17
FINANCIAL ANALYSIS ......................................................................................................................................24
TOTAL BUILDING & DEMOLISHING COSTS ................................................................................................................... 26
RENTING OUT SCENARIO 1 ....................................................................................................................................... 27
RENTING OUT SCENARIO 2 ....................................................................................................................................... 28
SELLING SCENARIO 1 ............................................................................................................................................... 30
SELLING SCENARIO 2 ............................................................................................................................................... 32
THE DCF CALCULATION ........................................................................................................................................... 33
VAT SITUATION ..................................................................................................................................................... 35
RECOMMENDATION .......................................................................................................................................36
.......................................................................................................................................................................36
SOURCES .........................................................................................................................................................37
APPENDIX .......................................................................................................................................................41
,Introduction
This investment report is part of the Strategic Asset Management course. Mark
Voerman will analyze and advise the investor/client in the investment report (De
Vries, 2018). He purchased the former Rabobank building at Burgemeester van
Nispen van Sevenaerstraat 6, Laren (North-Holland). Laren (North-Holland) is the
region's oldest town. Laren is well-known for its 19th-century art colony, the Singer
Museum, and the Rosa Spier House, a retirement home for elderly artists (Laren,
2022). Laren is not far from Amsterdam, the Dutch capital. The distance between
Amsterdam and Laren is about 35 kilometers, or about 30 minutes by car. Hilversum,
Bussum, Eemnes, and Blaricum are all nearby cities to Laren. More on this in the
section on location analysis. The report will cover the following topics: property facts,
property analysis, location analysis, economic analysis, market analysis, investing
market analysis, tenant analysis, financial forecast, scenario analysis, and the
conclusion. The conclusion represents advice that the investor Mark may find useful
in the future of the project.
Property Facts & Analysis
When adding real estate to the overall real estate portfolio, it is critical to establish
some portfolio objectives (Firstenberg et al., 1988). By examining the current and
future state of the real estate property, property facts and analysis can assist in
defining these goals and strategies.
This section discusses all of the facts associated with the property and its application
in the present and future. Table 1 describes the current situation as well as the
projected situation.
Figure 1: The Rabobank plot with its zoning and future forecasted plan
(Ruimtelijkeplannen, 2022).
, Figure 2: The old situation of the Rabobank plot in Laren. (Ruimtelijkeplannen, 2022).
Figure two depicts the building in its previous state; the thick black lines depict the
shape of the Rabobank building. The Rabobank building used to be one piece, with a
basement, ground floor, floor one, and floor two. The previous zoning plan called for
offices. As a result, the west portion of the pink-colored plot was entirely suitable for
parking. Parking was also available in the basement. Figure 1 depicts the Rabobank
plot's future forecasted situation. Where the zoning plan combines residential
(yellow), garden (green), and office space (pink). The plot will have four different
buildings in the future, as predicted. One ground floor will be dedicated to business
operations. The north building will be sold as a two-family semi-detached home. The
two buildings on the west side of the plot will house apartments ranging from 10 to 16
types. Mark, the investor, suggested demolishing the building because it was a
former office building with too many and too few windows. The TNO-norm is required
by Dutch law for apartments (3DL, 2022). The sunlight is measured in the living room
at the center of the windowsill on the inside of the glass. Most agencies use a height
of 75 cm above the finished floor level of the floor in question. Most municipalities in
the Netherlands have this requirement.
The following will be changed in order to apply to all legislation: Designation for single
use (Center): On the ground floor, there is an office and mild catering. The first and
second floors must be used for residential purposes (without business in combination
with living). The basement could be used for offices, mild catering, parking facilities,
and storage and/or sanitary facilities serving and directly related to the functions
listed in Ruimtelijkeplannen subsections (Ruimtelijkeplannen, 2022). At the location
of the 'terrace' indication, the basement could also be used for a terrace. When
constructing new properties, the following rules apply: Buildings must be constructed
within the building plot, with a maximum center height of 13 meters and a maximum
gutter height of 7,5 meters. This means that a flat roof could only be built at a height
of 7,5 meters. Otherwise, it would be more reminiscent of a gable roof. The house's
volume cannot be less than 125m3 (Length, width and height). The total area of light
retail, office, service, and hospitality does not exceed 800 m2. Downtown office
zoning should not exceed 320m2, and mild hospitality should not exceed 160m2.
Otherwise, the project will be rejected if there is a disproportionate impact on Laren's
vibrant downtown area. In addition, in order for the project to be approved, a certain
amount of parking must be included. The following requirements must be met when
constructing a structure (no building and no canopy). The building height of site and
