For any property developer, a strict due diligence process is necessary for every project, and a feasibility assessment should be one of the first activities you undertake.
For any property developer, a strict due diligence process is necessary for every project, and a feasibility assessment should be one of the first activities you undertake.
This is an assessment of the financial aspects of the scheme and is usually done by your Quantity Surveyor, considering the project’s…
Gross Development Value (GDV)
Profit requirement
Construction costs
Land/Existing building purchase price.
Once the project is deemed viable, making sure it is successful from the outset is another matter. Your due diligence may show that the project is worth the investment, but how do you take things from there – from appointing your professional team, developing the design, making planning and building control applications, and properly appointing a builder?
Ashdan Consulting Chartered Surveyors Ltd can provide the answer to these and many other questions. With over 50 years of combined experience within the construction industry, our team can make sure you’re on the track to success, and the earlier we are involved, the more value we can add
For any property developer reading this, your process should follow a similar direction as that outlined below, and if it doesn’t – then why not call us for help!
Once your due diligence has established the project is viable. The next step is to appoint your ‘Power Team’. This includes the professionals needed to complete your development, and it should be established long before the builder is involved, but this can be the first stumbling block for many.
Your main team should consist of a Project Manager, Architect, Quantity Surveyor, Estate Agent, Planning Consultant, Structural and Civil Engineer, Building Services Engineer, Landscape Architect and Principal Designer.
Other specialities such as Environmental Consultant, Acoustic Consultant and more can be included if needed further down the line.
The first problem many developers face is how, and in which order to properly appoint these consultants. It is also essential to ensure that the appointments are the correct version and are executed correctly.
For many, their natural reaction may be to appoint the Architect first – after all, they are the ones who prepare the design that facilitates the construction of the project.
However, the first of your Power Team to be appointed should be the Project Manager. Not only is this the only management role within your team, but they also help you by ‘gluing’ the project and its many components together and ensuring that effective communication and coordination between other members of your team is maintained throughout the project.
This not only allows you to feel more at ease knowing someone has it under control but also enables you to focus on other aspects of your business and other potential developments and projects.
Putting your development project in ‘safe hands’ is critical to its success.