ABSTRACT
It has been said that property possesses development potential whenever an element of latent value can be released by the expenditure of capital upon it (Baum & Mackmin 1989). Generally, this may arise through the development of a bare site where planning permission has been, or is likely to be, obtained; by redevelopment through the demolition and replacement of existing buildings following the grant of planning consent; by renovation through the upgrading of existing building, with or without planning approval for a change of use; or by a combination of new development, redevelopment or renovation.
