200603 Commercial Valuation

School of Business
200603 Commercial Valuation
Autumn 2020
Edition: Autumn 2020
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Unit Details

Note: Students with any problems, concerns or doubts should discuss those with the Unit Coordinator as early as they can.
Unit Coordinator

Location: Parramatta City Campus
Email: m.zraika@westernsydney.edu.au
Consultation Arrangement:
Please liaise directly with your lecturer regarding appropriate consultation times. It is usually best to make contact
with these staff via email and to arrange to meet before or after the teaching session but this may not always be
possible due to timely commencement of the next class. Consultation times/days will be posted on vUWS.
Please liaise directly with your lecturer/tutor regarding an appointment. Consultation times are as follows:
Monday: 10:00am-12.00pm
Students are requested to distinguish between academic and administrative issues and direct their enquiries
accordingly whilst maintaining the thread in e-mail communications so context is retained.
Students are also encouraged to blog via vUWS as it is a lot more effcient & effective to provide the answer to a query in one central place, so all proft. By all means e-mail, phone and/or intiate face to face
contact if the issue is individual or personal in nature; however 90% of queries usually relate to either issues canvassed in the learning guide or general academic advice. Many students experience lagged delays and
subsequent referrals due to an incapacity to strategically discriminate between administrative and academic functions.
E-mailing without nominating the following within the subject-line is poor professional practice:
– the unit # (staff are involved in several units, under/postgraduate; &
– unit name.
It runs the risk of non-response in today’s brisk business environment. A lack of pertinent detail and context displays lack of courtesy, causes inconvenience, inaccuracy, misunderstanding and unnecessary delays. An
example apart from foregoing would be the need to refer or c.c. your query to the applicable tutor; so include your:
– workshop activity code #;
– tutor name; &
– class time.
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Phone contact: It is also a good idea to clearly and slowly repeat return phone contact number details in
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Director of Academic Program

Administrative Support

Liaison Librarian

Note: The relevant Learning Guide Companion supplements this document
Contents
1 About Commercial Valuation 2
1.1 An Introduction to this Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2 What is Expected of You . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.3 Changes to Unit as a Result of Past Student Feedback . . . . . . . . . . . . . . . . . . . . . . . . . 3
2 Assessment Information 4
2.1 Unit Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2.2 Approach to Learning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2.3 Assessment Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
2.4 Assessment Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2.4.1 Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2.4.2 Final examination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.5 General Submission Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
3 Teaching and Learning Activities 18
4 Learning Resources 20
4.1 Recommended Readings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
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1 About Commercial Valuation
1.1 An Introduction to this Unit
This unit provides students with a comprehensive understanding of theory and practice of commercial valuation. All
aspects of commercial valuation are covered, including commercial valuation reporting standard of the Australian
Property Institute. Knowledge of land use planning, property economics and property investment are applied to
commercial valuation in this unit.
1.2 What is Expected of You
Study Load
A student is expected to study an hour per credit point a week. For example a 10 credit point unit would require 10
hours of study per week. This time includes the time spent within classes during lectures, tutorials or practicals.
Attendance
It is strongly recommended that students attend all scheduled learning activities to support their learning.
Online Learning Requirements
Unit materials will be made available on the unit’s vUWS (E-Learning) site (https://vuws.westernsydney.edu.au/).
You are expected to consult vUWS at least twice a week, as all unit announcements will be made via vUWS. Teaching
and learning materials will be regularly updated and posted online by the teaching team.
Special Requirements
Essential Equipment:
Not Applicable
Legislative Pre-Requisites:
Not Applicable
Policies Related to Teaching and Learning
The University has a number of policies that relate to teaching and learning. Important policies affecting students
include:
– Assessment Policy
– Bullying Prevention Policy and
– Guidelines
– Enrolment Policy
– Examinations Policy
– Review of Grade Policy
– Sexual Harassment Prevention Policy
– Special Consideration Policy
– Student Misconduct Rule
– Teaching and Learning – Fundamental Code
– Student Code of Conduct
Academic Integrity and Student Misconduct Rule
In submitting assessments, it is essential that you are familiar with the policies listed above and that you understand
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the principles of academic integrity. You are expected to act honestly and ethically in the production of all academic
work and assessment tasks, submit work that is your own and acknowledge any contribution to your work made by
others.
Important information about academic integrity, including advice to students is available at https://www.westernsydney.
edu.au/studysmart/home/academic_integrity_and_plagiarism. It is your responsibility to familiarise yourself with
these principles and apply them to all work submitted to the University as your own.
When you submit an assignment or product, you will declare that no part has been: copied from any other student’s work or from any other source except where due acknowledgement is made in the assignment; submitted by
you in another (previous or current) assessment, except where appropriately referenced, and with prior permission
from the Unit Coordinator; written/produced for you by any other person except where collaboration has been authorised by the Unit Coordinator.
The Student Misconduct Rule applies to all students of Western Sydney University and makes it an offence for
any student to engage in academic, research or general misconduct as defned in the Rule.
The University considers plagiarism, cheating and collusion as instances of academic misconduct. The University
also considers submitting falsifed documentation in support of applications for special consideration, including sitting
of deferred examinations, as instances of general misconduct. You should be aware that changes were made to the
Student Misconduct Rule commencing 1 January 2020 that provide for minimum sanctions that apply to certain
conduct, including the provision of falsifed documentation to the University.
You are strongly advised to read the Student Misconduct Rule and the Inappropriate Behaviour Guidelines at the
commencement of each session to familiarise yourself with this process and the expectations of the University in
relation to work submitted for assessment.
1.3 Changes to Unit as a Result of Past Student Feedback
The University values student feedback in order to improve the quality of its educational programs. The feedback
provided helps us improve teaching methods and units of study. The survey results inform unit content and design,
learning guides, teaching methods, assessment processes and teaching materials.
You are welcome to provide feedback that is related to the teaching of this unit. At the end of the semester you will
be given the opportunity to complete a Student Feedback on Unit (SFU) questionnaire to assess the unit. You may
also have the opportunity to complete a Student Feedback on Teaching (SFT) questionnaire to provide feedback for
individual teaching staff.
As a result of student feedback, the following changes and improvements to this unit have recently been made:
– Available information indicates changes were needed in the area of discounted cash flow analysis (DCF). To accommodate this, students will be introduced to the use of Estate Master http://www.estatemaster.com/products/investmentvaluation-suite
– A recent merger to Altus Group has led to ongoing discussions on the appropriateness and merits of several
products as the currently available development package is more attuned to property development. WSU is currently negotiating an expansion to a pre-tax market valuation based software such as: Investment Appraisal; over
Argus Enterprise; and/or Excel Add-In XL4ADW http://www.estatemaster.com/training-education/universitypartnership-program/about-the-upp
– Assignment word limit changed from “2,000+” as deemed ambiguous to explicit “2,500” .
– Rescheduling the Hypothetical Development Method of Valuation topic to a later week as not directly related
to Major Assessment Commercial Valuation assignment due date.
– A refocus on streamling essential content and clearly identifying further background readings to meet differing
student needs.
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2 Assessment Information
2.1 Unit Learning Outcomes
This unit provides students with a comprehensive understanding of theory and practice of commercial valuation. All
aspects of commercial valuation are covered, including commercial valuation reporting standard of the Australian
Property Institute. Knowledge of land use planning, property economics and property investment are applied to
commercial valuation in this unit. The table below outlines the unit learning outcomes (ULOs) for this unit. Upon
completion of this unit, students will be able to: