A critical assessment of pre-construction property development principles and process in Queensland, Australia

Abstract

Research evidence suggests that property development is an integrated process revolving around numerous concepts that link distinct phases in the development cycle. This study acquaints the reader with key performance areas that make up the integrated development process. It conducts a literature discourse and empirical assessment of the pre-construction principles and process of commercial property development. The theoretical exploration of the study area establishes a sound secondary data base from which the comparative empirical research is conducted by way of questionnaires issued to and received from a sample of Queensland based property developers. Data obtained from the questionnaires is statistically analysed and explored.This study also seeks to explore the common principles and characteristics of the property development process as they occur prior to the commencement of construction activities, within the context of commercial property in broadly capitalist terms - i.e. commercial entities seeking profit. The approach taken is to match theory, from the literature on models of the development process, with practice.The study finds that Queensland based property developers do indeed apply sound pre-construction development principles and process within a structured framework. The findings also concluded that the following three key performance areas identified in the study make up the pre-construction development framework and are equally soundly applied by the property developers. • Location studies and site selection. • Market research and property markets. • Feasibility principles, design development and financial analysis.