The connection between law, zoning, and market value The example of entertainment properties in Frankfurt/Main Prof. Dr. Fabian Thiel Professor of Real.

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Presentation transcript:

The connection between law, zoning, and market value The example of entertainment properties in Frankfurt/Main Prof. Dr. Fabian Thiel Professor of Real Estate and Property Valuation Frankfurt University of Applied Sciences

2 Content Regulations for entertainment properties Exclusionary areas by zoning and influence on market values Valuation problem of “trading-down” Appraisal of entertainment properties (example), and hidden data Summary

Spatial Planning in Germany Comprehensive Spatial Planning Sectoral Spatial Planning Federal Level State Level Regional Level Legally-binding Land-use planning Land related sectoral planning Set up of Protection Areas (Land Use Restriction) Official Approval of Plans e.g. Land consolidation Landscape P. Traffic P. Energy P. e.g. Water Protection, Nature Protection, Military Use e.g. for streets, Airports, Land fill sites Municipal Level European Level Preparatory Land-use planning Building plan City Development Concept Informal planning and instruments (e.g. City Development or Integrated Rural Development Concepts)

4 Regulations for entertainment properties in Germany Law on Prostitution (2002) Federal Building Code Land Use Ordinance Tax laws (e.g., amusement tax) Local fees Industrial Code Programs on urban restructuring and upgrading Decrees for exclusionary zones in Frankfurt

5 What is an „entertainment property“? Unclear legal definition of an “entertainment property”; following the Federal Administrative Court: discotheque – yes nightclub – yes swinger club – yes betting agency – no (because it´s retail) brothels and massage salons – no (because it´s business) … and “apartments”?

6 Entertainment properties in Frankfurt: examples (1)

Own Images 7 Entertainment properties in Frankfurt: examples (2)

Problem of agglomeration of entertainment properties, gambling halls and „betting-cafes“ within the center of Frankfurt Valuation and planning problem: „trading-down“

9 Appraisal of entertainment properties (1)

10 Appraisal of entertainment property (2): Specialist Valuation Total rooms available per annum: 172 lettable rooms 45% room occupancy rate Average achieved room rate: 120 € per night, excluding cost for service, clothes, food Running property expenses: € for heating, € for marketing and security Unknown data on revenue, food, beverages Unknown YP in perpetuity Unknown turnaround

11 Appraisal of entertainment properties (3): general data 1,2 Million (male) customers in Germany; turnover: 14 billion € p.a., 50% part of GDP; 50 % for danegeld, rent, clothing, and security Estimation of “market activity”? Definition of “market value” for entertainment properties? Ownership arrangements, leases, danegeld, (hidden) “operating costs”?

12 Summary Current amendments of the Prostitution Law will influence (intervene) in market activities Normative pluralism of planning law Problem: Tolerance of uses „Non-aggression“ agreement between police and owners of entertainment facilities

13 Contact Prof. Dr. Fabian Thiel Frankfurt University of Applied Sciences