Preface |
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1 Introduction to the Development Process |
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1 | (6) |
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Definitions of Property Development |
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The Identification of Development Potential |
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2 Stages of the Development Process |
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7 | (18) |
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Site Search and Site Study |
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Initial Financial Appraisal |
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Detailed Financial Appraisal |
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Building Control Approval |
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Costing and Contract Stage |
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Supervision of a Development |
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25 | (14) |
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The Various Categories of Developers and Their Objectives |
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The Motivation of Property Developers |
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The Philosophy of Developers |
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Qualities Needed by Property Developers |
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The Major Development Role of Developers |
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The Role of Property Developers in Society |
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The Contributions of Property Developers to the Economy |
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4 The Role of the Property Investor in the Property Development Process |
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39 | (14) |
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The Concept of Investment |
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Investment Opportunities Available |
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The Characteristics of Property as an Investment Medium |
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The Role of Property as a Form of Investment |
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The Role of the Property Investor in the Development Process |
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Yields From Property Investment |
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Methods of Measuring Returns |
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Inflation and the "Reverse Yield Gap" |
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Property Investors and Society |
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53 | (12) |
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Heating and Ventilation Consultants |
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Lift and Hydraulic Engineers |
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Information Technology Consultants |
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Interior Design and Furnishing Consultants |
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6 Planning and Property Development |
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65 | (28) |
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Planning and Development Control |
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Development Infrastructure and Public Services |
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"Over-Planning" and "Under-Planning" |
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Levels of Planning Control and Co-Ordination Considerations |
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The Role of Professional Planners |
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"Planning Gain" and Development Contributions |
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7 Building Control and Property Development |
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93 | (6) |
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The Objectives of Building Controls and Regulations |
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Building Controls and Construction Costs |
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Controls and Property Values |
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The Financial Implications of Planning and Building Controls and Development Contributions |
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8 The Availability of Land |
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99 | (16) |
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Planning Control and the Supply of Land for Development |
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The Suitability of Land for Development |
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The Adequacy of the Supply of Land for Development |
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The Size of Development Blocks |
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The Use of Virgin Land for Development |
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The Redevelopment of Previously Developed Land |
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Land-Holding Public I Bodies and Their Effect on Property Development and Property Markets |
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9 Site Assembly (or Site Amalgamation) |
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115 | (6) |
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The Need for and Objectives of Site Assembly |
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The Compulsory Acquisition (or Resumption) of Land for Development Purposes |
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10 Identifying Demand for Development |
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121 | (10) |
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Factors Affecting the Demand for Property |
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Competition and Market Conditions in General |
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Market Surveys and Their Objectives |
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11 Site Identification and Assessment |
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131 | (8) |
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Physical Features of Sites |
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Assessment and Choice of Site |
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12 Finance for Development |
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139 | (18) |
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The Developer's Requirements, the Lender's Requirements |
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Joint Development Schemes |
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157 | (30) |
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The Residual Valuation (the Hypothetical Development Valuation) |
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Component Parts of the Valuation |
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The Courts and the Residual Valuation |
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Valuations and the Calculation of Inputs |
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The Shortcomings of the Residual Valuation Approach |
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14 Detailed Appraisal Considerations |
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187 | (12) |
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The Residual Valuation and the Discounted Cash Flow Format |
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The Internal Rate of Return |
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Variation on "the Residual Theme" |
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Review and Budgetary Control |
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15 Project Implementation |
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199 | (12) |
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The Development Programme |
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The Construction Contract |
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Commissioning the Project |
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16 Marketing Developments |
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211 | (8) |
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Selling and Leasing Information |
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17 Risk and Uncertainty, and Risk Control |
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219 | (10) |
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The Costs of Risk Reduction |
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229 | (16) |
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Objectives and Scope of Studies, the Underlying Economic Scene |
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Potential Tenants and Property Rental Levels |
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Identification of Investment Purchasers |
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Development Site Analysis |
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Financial Feasibility Study |
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Summary of Feasibility Study Objectives |
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19 Concluding Observations |
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245 | (4) |
Further reading |
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249 | (2) |
Index |
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251 | |