ABSTRACT
Development properties are properties whose value can be increased by capital expenditure, or by a change in the permitted use to a more valuable use, or by a combination of capital expenditure and change of use. These properties may be areas of undeveloped land likely to be in demand for future building purposes; they may be individual undeveloped sites in towns; or other properties where the buildings have become obsolete and are now ripe for refurbishment, change of use or redevelopment for the same or another use. The value, which in these cases is latent in the property, can only be released by development or refurbishment if the necessary planning consent is given.
