From the property’s characteristics to a feasible development

We consider encumbrances, easements, existing leases, access restrictions and discrepancies between the registered and actual condition. Based on the legal specialist’s findings, we record what must be resolved before acquisition, transfer of possession or development. The expected cost and time required for these measures are also included in the preparation.

We assess the relationships between use, development capacity, height requirements, green space, parking and infrastructure needs. We identify the necessary discussions with authorities and specialists. An option that depends on future changes to planning rules is treated separately as an opportunity that is not yet secured.

We examine its relationship with the street and the compatibility of its intended use with neighbouring properties. Alongside public transport, traffic and noise, we review shading, paved surfaces, rainwater flow paths and the possibility of flooding. We refine area-level risk indications using site data and check utility capacity against information from providers. We identify where further investigation, additional investment or changes to the brief are needed.

We examine orientation, natural lighting, shading and ventilation opportunities together, including their implications for summer overheating. We consider the relationships between rooms, shared spaces and adaptability for future alterations. Our recommendations on architectural features to retain and the interventions required are based on surveys and expert opinions. The area schedule distinguishes gross, usable, revenue-generating, shared and ancillary areas.

Based on the appointed specialists’ assessments, we identify which structures and systems can be retained, where immediate intervention is needed and which defects require further investigation. Alongside expected remaining service life, we consider repairability and access for replacement. We compile a schedule of interventions from findings on the structural system, building envelope, mechanical and electrical services and compliance with safety requirements. We link this to a cost estimate, a contingency proportionate to the uncertainty and conditions affecting the programme.

Comparable properties, available transaction data and demand inform our estimates of the likely pace and price level of sales or lettings. We distinguish asking prices from verified transaction prices and record differences in location, functional quality, condition, size and contractual terms. The income forecast also accounts for occupancy, incentives and any cost of fitting out the property to tenants’ requirements.

We record the tax, inflation and financing assumptions separately, as well as the calculations of project profit and return on equity. Alongside the expected result, we check when funding will be needed and in what amounts. We show the cost and revenue thresholds within which the project remains acceptable, and the consequences of delays and adverse market changes.

Alongside operational energy and water demand, we consider the impacts associated with manufacturing and installing materials, their subsequent replacement and their removal during demolition. Lower energy demand alone does not demonstrate lower life-cycle emissions. The comparison also includes structures that can be retained and the potential for future adaptation. We make quantified claims of environmental benefit only where supported by appropriate data or specialist calculations; the cost and operational effects of upgrading are also reflected in the financial model.

The timetable sets out the dependencies between consultation, approvals, design, procurement and construction. We present changes to the investor together with their effects on cost, deadlines and use. Reports distinguish the approved budget, commitments made, actual expenditure and the forecast total cost through to completion.