PurposeMany taxing authorities use unimproved land (site) values as a tax base. In highly developed urban areas this may require the use of indirect valuation methods, such as an extraction technique to arrive at the land value. The purpose of this paper is to propose that the land extraction (residual) valuation calculation of an investment property should incorporate productivity variables, rather than cost based figures, in order to simulate market value principles.Design/methodology/approachThis paper examines the assessment of the land component of investment property as an ad valorem tax base. It justifies a valuation methodology using the market comparison approach before developing a model to meet specified criteria. The model incorporates productivity based benchmarks and differentials appropriate for shopping centre properties. The model is then tested on an Australian shopping centre.FindingsThis paper found that the land value component of a major shopping centre in Australia could be derived from comparable vacant and improved sales using the variables of moving annual turnover (MAT) and gross lettable area (GLA) as key value determinants.Research limitations/implicationsThis exploratory research identified a model that is appropriate for major shopping centres in Queensland, Australia. The model could form the framework for other types of investment property but the key productivity determinants would require re‐examination.Practical implicationsThis study provides a practical solution to an ongoing valuation problem arising from the rating legislation in Australia, which requires the determination of site value for all property types.Originality/valueThis paper uses productivity variables to assess the site value of investment property. This innovative methodology can provide a more accurate appraisal of site values.

Junior high school students are encouraged to explore their preferences as learners and engage in a range of activities to develop understanding of work, careers and post-school destinations. Higher education providers contribute to the school students' exploration through proving campus experience programmes structured to aspire young learners and increase enrolments. This paper communicates the design science research method activities of demonstration and evaluation as they are applied to a serious game, Playing Property. Playing Property is an audience response game forming the basis of a workshop to engage junior high students and enhance their knowledge of property investment. The evaluation discusses trends in audience response decisions along with brief survey responses from 12 workshops, conducted over 3 years. The workshops were consistently rated positively by the participating students, with a majority indicating they learned more about property [investment] through playing. Comparatively the results were in line with other hands-on workshop activities facilitated by academic leaders from other disciplines. The resource allocation to the Playing Property workshop is notably less than comparable workshops and the ability capture decision-making data provides a sound basis for further analysis.

Feasibility applications for mobile devices may provide consultants and aspiring developers with an appropriate tool to make informed decisions regarding the pursuit of a development proposal. Furthermore, through testing numerous proposals and witnessing the resultant returns in real-time, users of the applications may even employ a higher level of cognitive activity and enhance their functioning learning of how feasibility analysis works. This research relates to the design and development of a mobile application to enable prospective developers to efficiently assess the feasibility of a proposed project and enhance their learning of feasibility analysis. This paper presents a review of published research into feasibility studies and the related emergent technologies, standards, guidance notes and information papers, to define the organisational problem. With the problem defined, a design science research method is applied as a problem solving paradigm to create an innovative artefact. IntroductionThis paper presents as the primary written communication mechanism detailing the design and development of the Real Estate Feasibility, or REFeasibility, application. The paper commences with a background discussion and critique of published research to identify the organisational problem and motivation for the research study and to define the objectives for a solution. With the problem defined and product objectives set, the application of design science as a problem solving paradigm and research method is addressed. Design science is discussed in conjunction with the supportive base feasibility model and the applied learning and teaching theory of constructivism.The design and development stage commences with an evaluation of proprietary mobile feasibility applications. In the absence of a proprietary artefact that meets the product objectives a new feasibility application is designed. REFeasibility is tested as a prototype with results assessed against a base model prior to deployment on Apple's application Store. The formal demonstration and evaluation of the application, to support the attainment of the product objectives is proposed to take place as a subsequent research project. * BackgroundDuring the 1970s and 1980s valuation tables and portable calculators were the dominant tools for assessing the financial viability development project. To carry out an efficient appraisal during that era detailed feasibility calculations had to be simplified and as a consequence residual appraisals were developed as hybrids of the static and more dynamic Discounted Cash Flow (DCF) approaches. The hybrid models principally resembled a simple static analysis where revenues and costs were accounted for to determine the envisaged profit (feasibility analysis) or worked back to provide a price or residual value for the land. To overcome a series or shortcomings, specifically the quantification of time value of money, the hybrid approaches were modified to include non-market-based assumptions and calculations, so that they more cl...

This paper investigates the relationship between achievement and the perception of enjoyment and learning through the serious game, Playing Property. Playing Property is an audience response game forming the basis of workshops to engage junior high students, of 13 to 15 years old, and enhance their knowledge of property investment. The investigation extends to the analysis of trends in audience response decisions from 14 workshops, conducted over three consecutive years. Emerging findings present significant associations between enjoyment and the perception of learning. The relationship between achievement, measured in accumulated game score, and the responders’ perception of enjoyment is present but less significant. Further analysis supports a deeper relationship between play and learning, one where competition and other game play attributes are more effective in engagement than point scoring or rewarding. A more detailed evaluation may include staged testing of what may be learned and how well that learning endures, in comparison with other forms of teaching.

This ongoing Work Integrated Learning (WIL) programme began in Fiji in the mid-2010s and was most recently extended to include Indonesia. The project, to establish a commercially viable village stay aligned with a resort, has operated in conjunction with several universities in Australia and the USA and has received external funding. Through outbound mobility programmes, and using an established business toolbox, students work with existing village group structures (i.e. youth, women, elders and church groups) to create a collaborative venture (a cultural immersion and educational stay) between the village and a local eco-resort. To date, five enterprises including four in Fiji and one in Indonesia have been created. Student evaluations attest to the transformational nature of the WIL programme in providing a unique business acumen and global skill set that can position graduates to live and work in the Indo-Pacific region. The long-term goal is to enable an operational system that can be adapted to include multiple village–resort partnerships, producing a replicable business model (and associated tourism toolkit) that can be applied throughout the developing world. Information In the Work Integrated Learning (WIL) programmes described here, university students collaborate with eco-resorts and local villagers to create a commercially viable and culturally experiential village stay. © CAB International 2022