ABSTRACT

This chapter outlines the strategic framework for property development and introduces the stakeholders, each of which has different objectives required to achieve a successful outcome. A starting point to understanding property development is to consider the direct and indirect relationships surrounding ‘site’ and ‘improvements’ and the synergy between both. From a basic perspective the process involved in property development has similarities with other industrial production processes. It involves the combination of various inputs at specific timings in order to achieve a desired output or final product. The overall development process can be generally broken down into eight separate stages: initiation, investigation and analysis of viability, acquisition, design and costing, consent and permission, commitment, implementation, and leasing/managing/disposal. The landowner plays an essential role in the first stage of the development process. Developers primarily operate as either traders or investors. Government organisations and the public sector are rarely directly involved as the main driver in the development process.