Development Strategy

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So you’ve decided it’s time to embark on a property development. Great stuff – you’ve made the first of many, many, many decisions for your exciting development journey.
So here are some more decisions to make.  The very first question you’ll need to answer is, ‘what is your development strategy?’
It’s a good question that only you can answer but it also leads straight into a whole list of more crucial questions:
1  Budget – cash available and how much can you finance?
2  Risk profile – do you have a low or high tolerance for risk?
3  Time – how much time do you have available to run your development?
4  Knowledge – do you understand the different development processes?
5  Skills – project management, negotiation, communication, patience 
Once you have answers to the above, you can then work out your development strategy.
Your strategy may include:
<ul>
<li>Land Subdivision</li>
<li>Renovate and add value to an existing dwelling</li>
<li>Dual occupancy or low density development</li>
<li>Renovate an existing dwelling and also build new dwellings on the land</li>
<li>Medium density development</li>
</ul>
The development strategies above will all have a different impact on your crucial questions.
Let’s start with Budget. If you are on a low budget then you may choose a house renovation. For this strategy you’ll need to have lots of question 3 as house renovations can be very time consuming.
If your budget is higher, then you may choose a low or medium density project. This choice of strategy will mean you’ll need a high tolerance for number 2 and lots of number 5.
Whichever development strategy you choose; you will need some help. Now it’s time to put together your team.
Who do I need on my Development Team?
<ul>
<li>Property Specialist Accountant &amp; Solicitor</li>
<li>Finance Broker or personal banker</li>
<li>Surveyor</li>
<li>Architect/draftsperson</li>
<li>Builder and other tradesmen; plumber, electrician, carpenter, landscaper</li>
<li>Consultants such as an engineer and private certifier</li>
<li>Quantity Surveyor</li>
</ul>
And if you are short on crucial question number 5:
<ul>
<li>Development Project Manager who will guide you through the entire process</li>
</ul>
Congratulations, you have now answered the crucial questions, decided on a development strategy and built your development team. The next step is to find your development site; you’ll find this raises a whole new series of questions. Have fun!
Jo Chivers is chief executive officer of property development project managers <a href="https://www.propertybloom.com.au/about" target="_blank">Property Bloom</a>.
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5 crucial questions to answer before starting your development: Jo Chivers

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The Greater Sydney Commission’s draft plan and strategy for Greater Sydney, which is expected to grow by another 1.7 million people in the next two decades, has been applauded by the Planning Institute Australia.
Earlier, the GSC launched the draft ‘Our Greater Sydney 2056’. The release includes the draft 20-year Greater Sydney Regional Plan and a 40-year vision. The GSC took note of the feedback from PIA for its draft.
The plan is accompanied by the state government’s draft Future Transport Strategy 2056. 
PIA NSW president Jenny Rudolph said it is a blueprint for a city that is well networked, green and focussed around the needs of its people and businesses.
The structure plan expands on the theme of better connecting the Western, Central and Eastern Cities with their ’30-minute’ catchments. It creates the radial structure that Sydney needs to grow sustainably.
Rudolph added that the GSC had addressed the feedback from PIA and the planning industry, to focus on ensuring growth can be supported by creating great places to live and work.
PIA NSW has argued for the management of growth with local and state infrastructure in all submissions on the District Plans, Regional Plans and the EP&amp;A planning reforms. 
In particular, it supports:
<ul>
<li>Realignment of infrastructure investment to support the critical roles of Sydney’s Central and Western cities – especially passenger transit and freight links;</li>
<li>Engagement with community and councils in the preparation of Growth Infrastructure Compacts;</li>
<li>Funding the ‘Green Grid’ open space network and green infrastructure systems - and measures for a socially resilient and environmentally sustainable Greater Sydney</li>
<li>Affordable rental housing targets alongside initiatives improving housing diversity and targets for housing growth – via local housing strategies;</li>
<li>A focus on the productivity and networked connection of our strategic centres, business and freight hubs – especially supporting industrial lands for urban services and sustaining the economy of our key commercial cores;</li>
<li>Vision for stronger and faster connections with NSW regions; and</li>
<li>Recognition of the Metropolitan Rural Area for its landscape and rural productivity – not as urban land in waiting.</li>
</ul>
Rudolph said the PIA expected improvements in living conditions to accompany sustainable growth, which would be the yardstick for the success of the plan.
The plan will be on exhibition until 15 December 2017. 
 
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