The property development process

Abstract

PurposeThis paper aims to contribute to the theory of property development as a complex process that involves multiple drivers, stakeholders and contributions from many academic disciplines.Design/methodology/approachThe paper presents a web‐based model of the property development process consisting of seven defined major elements, each of which is subdivided and linked by functional relationships. The model is applied to three linked case studies drawn from Grainger Town in Newcastle upon Tyne, UK, which involve the conversion or redevelopment of listed buildings in the context of urban regeneration.FindingsThe case studies examined demonstrate the influential roles of many private sector actors and different arms of government. Site characteristics were found to have a bearing on events, as did long‐term trends. These inputs were often independent of economic or property market forces.Research limitations/implicationsThe paper relates primarily to commercial development in the UK. The three case studies inevitably present particular circumstances, though they do represent the reuse of existing urban sites, which is highly complex and increasingly the norm.Practical implicationsThe findings of this paper should be of practical benefit to anyone involved in property development and of particular interest to organisations whose core business is not development or to anyone engaged in a public‐private development partnership.Originality/valueThis paper presents an original way of conceiving the property development process using a web‐based model. The model may be used to analyse situations where development is strongly influenced by social, political or environmental factors.