As an Architectural Design Practice we have provided a supporting role to another of our Company`s, namely, Argonaut homes Ltd. The reason for doing so is that we have enough experience to undertake Development Projects in our own right and be successful. We have brought on board, our own Development Broker, who is proactive in the financial markets and has an ear to the ground when it comes to finding appropriate funding. In fact, his track record is staggering and we don`t think that he`s ever lost when sourcing a suitable financial package.
Essentially, there are eight (8) stages to go through to ensure Development success. They are:
1. Initiation. Development is initiated when either a parcel of land or site is considered suitable for a different or more intensive use, or if demand for a particular use leads to a search for a suitable site.
2. Evaluation. One of the most important stages of the development process is evaluation as it influences the decision making of the developer throughout. Evaluation includes market research, both in general and specific terms, and the financial appraisal of the proposal
3. Acquisition. Once the decision to proceed is taken, there are many other decisions to be made and steps to be taken before the site can be acquired and the development started.
4. Design and costing. Design is an almost continuous process running in parallel with the various other stages, getting progressively more detailed as the development proposal increases in certainty.
5. Permissions. Any development (with a few minor exceptions), which by statutory definition involves a change of use or a building operation, requires planning permission from the local planning authority prior to its commencement.
6. Commitment. A developer must be satisfied that all the necessary preliminary work has been undertaken before any substantial commitment is made in relation to the development. Ideally all the appropriate inputs of land, finance, labour and materials, and the acquisition of statutory permissions must be satisfactorily negotiated before any agreements are signed making the developer liable for any major outlay of money. When the preliminary work has been completed as far as possible, the project must be evaluated once again.
7. Implementation. The implementation stage can commence once all the raw materials of the development process are in place. At this point there is a commitment to a particular site and to particular buildings at a particular cost spread over a particular time.
8. Let/manage/dispose. Although this phase of development occurs often at the latter stages, it must be at the forefront of the developer’s thoughts from the initiation of the scheme.
However, Property Development is not necessarily a sequential process. We can help with all aspects of Property Development because we are active in this particular field.