A commercial development of any size is a serious undertaking. Get it right and you come away with a good profit and happy buyers or tenants. Get it wrong, and you could lose money and your reputation, making it difficult to obtain financing next time round.
The project
A proper project plan should take you all the way through your development. By necessity, it needs to be comprehensive, but the detailed requirements of such a project often turn the project plan into a complex document that confuses everyone who reads it. Use the following steps to help keep everything organised:
Write a clear initial plan outlining each chunk of the project:
Land purchase
Use and design
Planning requirements
Initial building requirements
Central building phase
Fitting-out
Marketing
Sale or rental
Each of these areas should be further broken down so that you know exactly what has to be accomplished and in what order to make the project successful. It is a good idea to use the available expertise of your architect, designer, construction company and other advisers to ensure that everything is covered.
The...
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