If you’ve ever watched an episode of Grand Designs or talked with a friend who has been through the building/development process, you’ll realise that there are many small but significant elements that must come together in order to successfully complete any Property Development project.
But where can you look to find out how all of these elements fit together?
This article is an introduction to a step-by-step series that brings together all the elements into one simple online property development course.
Property Development 101: Introduction
Although each property development project has its own unique contraints, there are still common tasks and events that can be applied to any project.
Over the years, we have documented and refined all of our learnings from each project into what is essentially a simple, running checklist, that we call The 7 Steps.
We’ve used The 7 Steps property development system on:
- Luxury Island Villas in the Great Barrier Reef
- 79 dwelling infill residential subdivisional estates
- Dual and Triple Occupancy developments
- Residential apartment/commercial hybrids
- Church conversions
- Award winning home renovations and custom builds
The 7 Steps
The 7 Steps are seven natural, sequential groupings of tasks that must be accomplished for any property development project:
- Step 1: Assessment
- Step 2: Strategy
- Step 3: Concept
- Step 4: Application
- Step 5: Detail
- Step 6: Build
- Step 7: Realisation
Each of the 7 Steps has a goal that serves as a significant milestone for the project.
A brief description of each of the 7 Steps can be found below as well as the goal/milestone that concludes each Step.
Step 1: Assessment
A common first question we get asked by clients when considering potential projects is: “Is this project worth proceeding with or are we just wasting our time”? This step involves gathering preliminary data, relevant planning policies and a site/context visit.
The goal of this step is to provide a Preliminary Development Assessment that gives a project a High (good to go), Medium (Proceed with caution) or Low (no go) level of confidence to proceed – before spending too much time or money.
Read more about Step 1: Assessment.
Step 2: Strategy
At this point, the potential development has a Green (or at least a Yellow) Light. As Steven Covey says, “Begin with the end in mind”. This Step is devoted to devising a strategy that takes your project from where it is now to the end you have in mind.
The goal of this step is to produce a Strategic Business Plan for the project that will ensure all project partners (financier, accountant, solicitor, planners, architect & builder etc) are on the same page.
Read more about Step 2: Strategy.
Step 3: Concept
Your Strategic Business Plan now contains a budget allowance for architectural design and building. Your site may also present its own building footprint and size constraints. Balancing these constraints its time to start dreaming as together we produce concepts that adhere to high level State and Local planning policy.
Goal: Produce Concept Drawings that satisfy Size-Finish-Cost criteria and have pre-planning approval.
Read more about Step 3: Concept.
Step 4: Application
Now that you have Concept Drawings with some level of Pre-planning support, its time to progress your documentation up to Town Planning standard by incorporating site specific, State and Local council requirements. The planning permit process is quite involved and your understanding of it is critical to seeing the best outcome for your project.
Goal: Obtain a Town Planning Permit
Read more about Step 4: Application.
Step 5: Detail
Progress your high level Town Planning documentation to a level that your project can be Tendered, a Builder selected and a Building Permit issued.
Goal: Produce a detailed Building Permit Documentation Package.
Read more about Step 5: Detail.
Step 6: Build
Now that you’ve done all the hard work, its finally time to turn you building plans and documentation into bricks and mortar!
Goal: Completed dwellings with Certificate of Occupancy and individual titles (where subdivision is involved).
Read more about Step 6: Build.
With your dwellings now completed, the finish line of your property development project is in sight.
Goal: Realise your return on investment
Read more about Step 7: Realisation.
