Development: Post-Purchase

In my last article, I discussed pre-purchase considerations when acquiring a site with the intention to develop.

Following the negotiation and securing of a site, there are several necessary steps to take to get the ball rolling toward achieving your development project goals.

Finance

It is imperative to work closely with your broker to ensure all your documentation is aligned and ready to be allocated when necessary. Delaying this process could lead to hurdles, stress, further costs, or the opportunity to be gazumped on the site. (Gazumping: occurs when an agent or seller accepts an offer you make to buy a property at an agreed price but the property is sold to someone else. This usually happens when the vendor sells the property for a higher amount).

For a smooth finance process, it's important to connect with your broker regularly, enquire if there is anything you're able to prepare in order to make the process easier and more efficient, and remain on the front foot.

Site Yield

Site Yield: A sites, highest, best use, and most profitable utilisation.

Before acquiring the site, you likely engaged with your architect and town planner to explore how the site could be optimized for multiple dwellings.

At this stage, you refine your development configuration plan, conduct a thorough assessment of the local area, and begin discussions with local agents to confirm the most suitable development type for the site, the market, and the local area.

Next, you can provide your architects with a refined brief, mood boards, and examples of other developments to convey your desired development outcome.

However, it's essential to keep your budget, market demands, and local characteristics in mind during this phase, ensuring a balance between creativity and practicality.

Surveying

It's advisable to begin your land surveying as soon as practically possible. Time is money, and delaying the organisation of your surveyor can lead to a compound effect of further delays and additional costs, including interest on the purchase of the land.

It's crucial that your surveyor completes the re-establishment, features, and levels survey, which can be handed to your architect to align the design for the site.

Following your purchase of a development site, negotiating favourable settlement terms, and commencing site planning requirements as early as possible will lay a strong foundation for your project. Collaborating closely with your broker, architects, and surveyors ensures smooth entry into the development process and minimises risks such as delays and unexpected costs.