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The Development Process week 8

The Development Process week 8 - Development Process...

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Development Process Managing the project
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Why is management required? Either client or an appointed project Manager is required to manage the project Because Property Development is Expensive Complicated Risky
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Expensive Extremely “capital intensive” activity Large quantities of developers money Large quantities of borrowed money Opportunity cost on Developers money Interest to be paid on borrowed money
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Complicated Many stages to the process Many interests to be satisfied Client, employer, funder, contractor, advisors, planners, local Government, general public, land owner, adjoining owners, etceteras. Many activities involved Legal, » Contracts, leases, searches, transfers, compliance Financial, » Arranging funding, payment, receipt, accounting Physical » Finding and testing site, carrying out works, operating property
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Risky Lower than anticipated rental income Higher than anticipated investment yield Protracted or unfavourable planning decisions
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