In a piece written for the Estates Gazette (EG), Paul Collins, a senior lecturer at Nottingham Trent University, unpacks the stages of development from market research right through to sale letting and use.
Though intended for a student audience, the article titled Making sense of the development process is a comprehensive and easy-to-understand description of the land acquisition process.
In his article, Paul Collins describes the development process as the act of combining the various factors of production (land, capital, labour, and entrepreneurial skills) in the right quantity and quality to produce real estate assets that people wish to buy, lease and – most fundamentally – use.
Collins emphasises that “getting the right land in the right place at the right time, for the right market” early in the process is key to a successful development strategy.
You can read the full overview of the development process including further information on potential site evaluation, the business case, site acquisition both on and off-market, finance, planning & design, marketing, construction, and completion here.