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Oxford Brookes University
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Senior Lecturer in Valuation and Finance
School of the Built Environment
Faculty of Technology, Design and Environment
Nase I, Berry J, Adair A, 'Hedonic modelling of high street retail properties: a quality design perspective'
Journal of Property Investment and Finance
31 (2) (2013) pp.160-178
The purpose of this paper is to investigate the relationship between urban design quality and the real estate value of high street retail properties. Quantitative research on the added value of quality design has seen little advancement during the past two decades and hedonic analysis of the high street retail sector remains embryonic. This paper bridges this gap by providing empirical evidence on the added value of quality design.
The study uses a unique dataset of 301 Belfast City Centre retail transactions during the period 1994‐2009. Ordinary least squares (OLS) regression analysis is used to estimate a hedonic pricing model that utilises a composite range of variables. These variables were designed employing quantitative and qualitative approaches complementarily to strengthen the value of the empirical research.
The findings suggest that aspects of quality design such as connectivity, frontage continuity and variety, material quality and massing appropriateness add to real estate value. These findings supplement those on sector‐specific value determinants that emphasise the high impact of location, tenant characteristic and Zone‐A price calculations.
In analysing high street retail rent determinants this paper focuses on the impact of various aspects of quality design to inform investors and developers about those aspects that are highly valued by city centre retail tenants. Policy makers benefit from the findings through empirically justified built environment benchmarks for improving the quality of life in our cities.
This study provides a quantitative model for measuring urban design quality which uses data from a UK city but has a wider application range. It bridges a significant gap in the literature related to hedonic investigation of the added value of quality design by providing a holistic approach to quality.
Brownill S, Cho Y, Keivani R, Nase I, Downing L, Valler D, Whitehouse N, Penny Bernstock, 'Rethinking planning obligations: balancing housing numbers and affordability'
It is now widely acknowledged that there is a pressing need to increase the supply of housing in England, including for those on the lowest incomes. Planning obligations are a major way in which the planning system contributes to the supply of affrdable housing, yet numbers delivered are still insuffient to meet overall needs, vary greatly between different parts of the country and have been affcted by the economic downturn and changes to the planning system. Given these challenges, this research explores what works and what doesn’t in the operation of planning obligations and whether there are alternative localised ways of increasing the supply of affordable housing.
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