Our Development Management process provides a streamlined strategy to take your property from an idea through to a completed project.
If you don’t have an existing property you are looking to develop, SK2 Property provides a specialist site identification and acquisition service that can ensure you pinpoint and purchase a property that suits your intended development strategy.
We will complete an assessment that brings together all the readily available information relating to the development potential of your property. This includes zoning, size, dimensions, orientation, contours, connections to required services (sewer, water, electricity, storm-water discharge) and any constraint overlays (vegetation, flood, bushfire, etc). We will highlight the opportunities we identify and advise you of any restrictions or site constraints.
If the property has suitable development potential we then progress to a development concept and project feasibility.
This is the business plan for the project. Many investors and developers overlook this crucial stage when commencing a project – they simply skip to submitting a development approval without a solid plan for where the development is heading and the costs involved.
A market assessment will provide intelligence on the type of projects being completed in the surrounding area, demand for properties and recent sales prices achieved. Alternate development concepts will be reviewed and feasibility study calculations completed for different development scenarios. This gives vital insights, for example, in some situations, a lower density project can deliver a more profitable outcome or better risk-reward scenario.
The feasibility study will include:
If the project feasibility suits your intended investment strategy, we then use the outcomes of the feasibility study to conduct a finance assessment and commence the engagement of consultants to prepare the Development Application.
In most instances, a Development Application must be submitted to the relevant local Council prior to undertaking a proposed development. Characteristics of the property and the intended form of development will determine if the application is self-assessable (no application is required), code assessable (in accordance with the planning scheme) or impact assessable (elements of the project are outside of the planning scheme).
SK2 Property will coordinate all the required consultants to complete any design work and associated professional reports. We then lodge the application, and undertake any negotiations with Council and Planning Authorities on your behalf to achieve the most favourable approval outcome. Our development experience, contacts, strong working relationship with authorities and negotiation skills also ensure that the optimal outcome is achieved in a timely manner.
Once Development Approval is achieved, your development is ready to progress towards land subdivision or construction.
If your project is being developed to be sold on completion, the sales and marketing functions for your project will be crucial to its financial success. Often projects will require a set number of pre-sale contracts before a financier will provide funding for construction.
SK2 Property have extensive experience in coordinating sales and marketing campaigns for a range of development projects including ‘off-the-plan’ pre-sales to keep your project moving without delay.
We produce a structured sales and marketing plan for developing professional marketing collateral and recommend a sales strategy suited to your project. There may often be alternate agents engaged for achieving off-the-plan sales to those engaged for the sale of completed product.
Our process provides you with the comfort of knowing the sales and marketing of your project is being proactively managed, and you have the security of receiving regular updates until final settlement dollars are received.
Depending on the type of development being undertaken, subdivision of the original allotment may be required prior to construction. To complete the subdivision, additional Operational Works approvals may be required from Council.
Subdivision works then include:
Prior to construction commencing onsite, a number of pre-construction steps should be followed to ensure the project tracks in line with the development feasibility plan. Construction may be undertaken either as a ‘Design and Construct’ or ‘Fully Documented’ contract. A fully documented contract is more common for smaller projects.
To ensure project costs are managed effectively, SK2 Property will always tender construction work to a number of pre-qualified contractors. Overpaying for construction work is a common development pitfall and has a direct impact on a projects profit or even viability. Our extensive experience and key industry contacts mean we know what construction costs to expect and will only recommend the progression to construction stage of a project at a fair market price. We will seek alternate tender prices if required.
Our Construction Management process includes:
The project is finished! It is now time to ensure any Building Format Plans are endorsed by Council and Titles issued so that the new properties can be sold and settled or let for rental, depending on the development or investment strategy undertaken.
Upon completion, SK2 Property will provide a development ‘Handover Pack’ including all relevant project documentation so it is available for your ready reference in the future.