The four stages of property development

Finding a construction company in London or elsewhere is a challenge when you’re not familiar with what’s included. There are four stages of property development and understanding the process can help you make an informed choice. It’s likely you’ll want a London construction company that offers an end-to-end service like Optimal Development. So, we’ll share the steps and an overview of the property development stages in plain English.

Project Initiation

According to Archipreneur, “The start of a project often begins with only one factor – idea, location or capital. The missing parts need to be procured in the first stage. Then a rough project description with usage and measures (usable square meters or footage) should be produced.” Looking for land or funding can take months or even years but it’s the first step.

Project Conception

Then the idea will undergo a feasibility study. This makes sure that the project is viable in terms of the market, competition, costs, legality and more. If it ticks all the boxes and gets the green light, the real estate development project goes on to the project management stage. It’s at this point you must hire a construction company if you’ve not done so already.

Project Management

This is the build portion. Your construction consultancy in London will coordinate every step of the process from materials to managing tradespeople to ensure your idea is built to the agreed plans and timelines. This includes cost control and inspections at each stage. You’ll usually be able to view the project Gantt Chart at will to make sure your property development firm is on top of the construction.

Project Marketing

This can sometimes overlap the building phase. Every time a unit is rented or sold, it reduces the project risk, so it’s a great idea to begin advertising and selling early. Nowadays, it’s best to list on a variety of websites and traditional publications to ensure you’re seen by the most eyes. This might include Zoopla, OpenRent, Metro, The Guardian and more.

We’d be delighted to manage all stages of your property development project for you. Learn more about our approach here.