A city is an elaborate mosaic, in which pieces are continually wearing out and being replaced. Whether redevelopment occurs, the form it takes, and the districts where it occurs, involves complex factors including the social conditions of the district, local resistance to redevelopment, town planning policy, investment in new transport routes. For this reason, it is impossible to consider an individual site completely in isolation from its surroundings, and there is no clear-cut relation between a building’s age or condition and redevelopment. Replacement occurs only when there is strong demand for a site, and when the existing building becomes inadequate. But the simple theory based on building value and site value is a useful framework for analysis, provided it is used with an appreciation of the many ‘external’ factors which impinge on these values.
KeywordsInterest Rate Construction Cost Land Price Land Prex Planning Authority
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