The Evaluation of Urban Regeneration Processes
53
Table 3 Unit values
estimated for sale and leasing
Intended use
Unitary value
Min.
Max.
Sale
Residential (e/sqm)
3900
5800
Commercial (e/sqm)
2000
4500
Car park (e/car park)
45,000
70,000
Offices (e/sqm)
2000
3000
Moorings (e/mooring)
35,000
100,000
Lease
Commercial (e/sqm/month)
204
290
Hospitality (e/room/day)
140
220
Managerial (e/sqm/year)
120
150
Moorings (e/space/year)
4500
18,000
In the CRA, it was assumed that the values of residential properties range from
a minimum of 3900 e/sqm and a maximum of 5800 e/sqm.
12 With regard to other
intended uses (commercial, offices, hospitality and moorings), the sales and rental
values assumed were gathered by observers in the housing market or from the offers
listed on major real estate deals sites
13 for the Foce area
14 or by the companies that
manage facilities for recreational boating in the Ligurian area.
Table 3 shows the unit values assumed in the CRA model.
It is expected that the sale of the property will take place within the six years after
the closure of the building site.
The evaluation of the economic sustainability of the project is developed in relation
to a “sale and management” real estate scenario that considers five years for the
construction of buildings (residences, offices, shops and hotel) and subsequent six
years for sale; the Sports Hall (Pavilion S) and part of parking located in Piazzale
Kennedy are considered in management concession—to the Private Investor by the
Municipality of Genoa—for fifty years. At the end of the concession (the 56th year),
they will go back to being fully owned by the Municipality of Genoa.
5 Results
The analysis of the indicator values (NPV and IRR) obtained by the CRA models
highlights limit conditions of economic and financial sustainability (Table 4). For
12 The variability takes into account the different locations of the properties inside the buildings
(floor level, view, brightness, etc.).
13 Casa.it; Immobiliare.it.
14 Genoa District where the intervention is located.
53
Table 3 Unit values
estimated for sale and leasing
Intended use
Unitary value
Min.
Max.
Sale
Residential (e/sqm)
3900
5800
Commercial (e/sqm)
2000
4500
Car park (e/car park)
45,000
70,000
Offices (e/sqm)
2000
3000
Moorings (e/mooring)
35,000
100,000
Lease
Commercial (e/sqm/month)
204
290
Hospitality (e/room/day)
140
220
Managerial (e/sqm/year)
120
150
Moorings (e/space/year)
4500
18,000
In the CRA, it was assumed that the values of residential properties range from
a minimum of 3900 e/sqm and a maximum of 5800 e/sqm.
12 With regard to other
intended uses (commercial, offices, hospitality and moorings), the sales and rental
values assumed were gathered by observers in the housing market or from the offers
listed on major real estate deals sites
13 for the Foce area
14 or by the companies that
manage facilities for recreational boating in the Ligurian area.
Table 3 shows the unit values assumed in the CRA model.
It is expected that the sale of the property will take place within the six years after
the closure of the building site.
The evaluation of the economic sustainability of the project is developed in relation
to a “sale and management” real estate scenario that considers five years for the
construction of buildings (residences, offices, shops and hotel) and subsequent six
years for sale; the Sports Hall (Pavilion S) and part of parking located in Piazzale
Kennedy are considered in management concession—to the Private Investor by the
Municipality of Genoa—for fifty years. At the end of the concession (the 56th year),
they will go back to being fully owned by the Municipality of Genoa.
5 Results
The analysis of the indicator values (NPV and IRR) obtained by the CRA models
highlights limit conditions of economic and financial sustainability (Table 4). For
12 The variability takes into account the different locations of the properties inside the buildings
(floor level, view, brightness, etc.).
13 Casa.it; Immobiliare.it.
14 Genoa District where the intervention is located.