What are the Stages of Property Development Planning?
After years of working in the construction industry, you have decided to venture into property development or invest in property projects. Before you start, make sure you understand the ins and outs of regulations regarding development, land use management, and development planning.
Before you purchase a property to sub-divide into stands or consolidate several properties to create a resort or estate, you want to gather all the information and partner with experts. To this end, you need top-notch architects, construction project teams, experienced project managers, surveyors, and engineers to come on board for the project. More importantly, you have to partner with a town planning consultancy like The Practice Group to support you through the process.
In this article, we introduce you to the basics of development planning to cater for the lifecycle stages in the process.
Stages in the Property Development Planning and Construction Process
It all starts with a vision, but to make the vision a reality, careful planning is needed. Much like the life of a person, the developing process also goes through phases or life stages for which you must make provision. These include:
1) Pre-purchase
Before you buy a property for a particular project, you need to consider factors like current zoning, the size of the property, its location, proximity to resources, vegetation, accessibility, environmental factors, geographical features, topography, elevation, and more.
You need to decide on the best location for this type of project based on your market and urban design research. This should factor in aspects like the infrastructure surrounding the property and the type of property you want to develop (industrial, commercial, mixed-use, retail, residential, recreational, etc.).
For example, developing a retirement estate right next to a school might not be the best idea. For one, the noise factor must be taken into consideration. Schools have sports events over weekends, and these could be noisy. In addition, schools have events in the evenings. Add to that the traffic generated daily from parents dropping kids off and fetching them in the afternoons, and you have an area buzzing with noise and activity. The increased traffic can also be problematic for senior citizens wanting to cross the street.
Partner with a real estate firm to help you find properties suitable for your particular project. Also, consult with a town planning consultancy to help you determine if the property is feasible for the development you have in mind.
2) Design of the Project
Next, work with a town planning company, architects and surveyors to develop the concept. During this stage, the planners will also draft the necessary designs. This is important for cost projections, as well as for submitting the site plans for approval.
3) Getting the Required Permits and Consent
Keep in mind that the property you purchase might not be zoned for the specific use you have in mind. The dwelling density allowed, types of buildings and allowable materials to be used, among others, must also be considered. You will have to get permits for construction and several approvals before you can break ground. Working with development planning experts will help you avoid unnecessary delays in not having the right permits and approvals.
4) Marketing and Selling
If it is a retail project, you have to fill up the anchor spaces before you develop the centre. Likewise, for an office block, you must ensure that a large and esteemed business is one of the core tenants. For an estate, you will want to reserve as many possible stands before the project starts. The pre-sales phase must be carefully planned to ensure you don’t build the property, but nobody comes to the party.
5) Getting Finance
It is essential to make sure you have sufficient funds for the entire construction phase. Also, during this phase, you will want to have the experts work with you on site plans, cost estimates, and the like. Having the required documentation ensures that the funds can be secured.
6) Construction Phase
This entails the actual building stage where you will work with the town planners, engineers, architects, and other professionals to ensure the project is completed according to plan.
Partner with The Practice Group
Property development planning is essential regardless of the project size. The town planning consultancy plays an important part throughout the various phases. Partner with a company that can expertly guide you through each phase. Reach out to The Practice Group for a consultation to get started.