Property development

David Cadman’s Property Development has long been the standard textbook on the commercial property development process in the UK, and with this fifth edition the book is brought completely up to date for a new generation of readers. Accessible to students of all disciplines within the built environment, the book is geared directly towards students of property development at undergraduate or graduate levels. It provides a clear and practical overview of the property development process, together with critical analysis of the key issues faced by property professionals today.

The fifth edition retains the established structure of previous editions, by focusing on land acquisition, development appraisal, finance, planning, construction, market research and promotion. Additionally, reflecting changes in practice, there is also new material on the environmental impacts of property development, with a chapter on Sustainable Property Development, and on the growth of international working in the property sector. Excellent case studies, which are enhanced by discussion questions, illustrate the process at work. This fully revised and updated edition of a classic text for all property development students will also be of interest to early career professionals and those pursuing a professional degree in the industry.

Is the social agenda driving sustainable property development in Melbourne, Australia?

Purpose – Sustainable property development has increased in market share over the past two to three years globally and locally. This research aims to analyze the drivers and barriers to sustainable property development in Melbourne using the triple bottom line (TBL) theoretical framework. The TBL posits that sustainability has social, economic and environmental aspects to fulfil.

Design/methodology/approach – A questionnaire was sent out to 190 developers in Melbourne who promoted sustainable property development to ascertain their views about the drivers and barriers.

Findings – This research indicates that in the 2007 Melbourne market the drivers were social rather than economic. The data reveal that social reasons are considered more than economic arguments for incorporating sustainability into developments. The business case, or the economic drivers for sustainability alone do not convince developers.

Research limitations/implications – The questionnaire survey informed us about developers' views but not why they have these views. The sample was limited to Melbourne.

Practical implications – More developments are required for developers to become convinced of the benefits. The relatively low price of energy undermines the business case for sustainability in property here and needs to be fully costed.

Originality/value – This paper illustrates that whilst the theoretical framework cites three key areas for sustainability, the reality is that developers are currently driven by social and environmental factors primarily and the business case is not accepted by the majority of developers.

Property development

Other new features in this edition include: Fully updated discussion points and reflective summaries Examples of contemporary best practice based on international case studies covering the UK, USA and Australia New chapters on ‘Property ...

Small-scale property development: GST implications

The purpose of this article is to explore the GST implications of small-scale property development in Australia and to provide guidance as to whether such activities give rise to a GST liability. The legislation governing the operation of the GST affecting these projects uses the familiar termi- nology of ‘business’, but it also uses terminology such as ‘adventure or concern in the nature of trade’, which has not received extensive consid- eration by the Australian courts. The authors review relevant case law to identify key principles, which will guide the courts in applying this termi- nology to small-scale property development, and provide guidance as to when a taxpayer undertaking such projects will be required to register for GST. The authors also discuss the factors relevant to determining the impact of the timing of registration. The article concludes that small-scale property developers need to be aware of the complexities and uncertainty in relation to the application of the GST to such projects.

Factors influencing the direct costs of property trust IPOs

Underwriting, legal, accounting and valuation costs average around 3.3%, 0.39%, 0.23% and 0.12% of proceeds raised and are substantial costs to property trust initial public offering (IPO) issuers. As such, identifYing factors that influence these costs is important. This paper investigates factors influencing these costs as well as the total direct costs of raising equity capital by property trust IPOs in Australia from 1994 to 2004. The results suggest clear economies of scale in direct costs. In addition, IPOs that employ more debt are likely to have higher capital raising costs while those that have proportionally higher net asset values and offer stapled securities (and likely to be engaged in property development activities) have lower capital raising costs.

'Iconic development' : is there such a thing?

By way of definition, dictionaries such as the Oxford Dictionary note that the word ‘icon’ is a noun meaning ‘a person or thing regarded as a representative symbol or as worthy of veneration’ (p. 654). More recently, the phrase ‘iconic development’ has crept into the town planning vernacular making reference to built or planned works that are intended to be an urban ‘benchmark’. However, in terms of planning practice in the State of Victoria, Australia, the meaning of ‘iconic development’ is unclear amongst property development professionals – one only needs to peruse the local newspaper, The Age on any given week and publications by key bodies such as the Planning Institute of Australia, the Victorian Planning and Environment Law Association, the Urban Development Institute of Australia and the Property Council of Australia on their websites and in professional newsletters, to appreciate the different ways the phrase is used in the property development context. This paper reports on key themes arising from interviews with 52 Victorian property development professionals, who were interviewed to determine their perceptions about what constitutes ‘iconic development’ in Victoria. Arising from the interviews, the study confirms that ‘iconic development’ is the new buzz phrase in property development circles, it is no longer just being used as a sales and marketing tool, but has been appropriated by technical professionals and introduced into different planning documents including certain local clauses in the Victorian Planning Provisions. Different professionals in the development industry, such as architects, planners and lawyers ascribe different meanings to this phrase, thereby presenting confusion in the property development industry. By understanding what these different professionals mean by the phrase ‘iconic development’ a more collaborative understanding of the phrase is arrived at to provide the practitioner and public with a more informed understanding to review realised and/or planned 'iconic development’.

Samurai in the surf : the arrival of the Japanese on the Gold Coast in the 1980s

Samurai in the Surf explores the history of Japanese investment in the 1980s, following a money-trail that leads back to a ballooning Japanese economy and a colorful array of investment sources. The book also explores the local community's views of this unprecedented stream of foreign investment and provides a convincing illustration of the links between 1980s Queensland and Pauline Hanson's One Nation movement of the 1990s.

Current issues and limitations in using the internet for teaching and learning

This paper acknowledges the new educational possibilities provided by the Internet, as well as identifying its current limitations as an educational medium. Issues of concern in using the Internet include equity and access, infrastructure considerations, intellectual property, development methodologies, implications for the delivery and administration of education, and the relationship between the Internet and other new media in education, including audio/video tapes, computer aided learning software, videoconferencing and CD-ROM. While the Internet offers valuable opportunities to enhance all modes of teaching and learning, and it is likely that most of the current limitations of the Internet in this regard will be overcome in time, those developers currently pursuing or investigating the Internet as a teaching resource should be aware of the potential difficulties. This paper draws on the experiences of the author in conventional and distance university teaching, and in using the Internet as an aid to teaching and learning in engineering and technology, but the issues addressed apply generally to those using the Internet in education.

The end of the rainbow

The End of the Rainbow is a documentary film about music, about community and a very special place. When the live music venue “The Rainbow Hotel” in the Melbourne suburb of Fitzroy is forced to close down publican Chickk sets out to accommodate the many musicians and customers grieving its closure with a final week of musical activity in which there is organisational chaos, dancing, laughs, beer (lots of), and great music. It is a week of celebration as musicians pay homage to mark “the End of an Era”, but it is also a statement about community places and a protest against property development at the expense of cultural heritage, specifically Australian live music. It’s also a love story with a dramatic twist...

Identifying linkages between generations and community development: the effect on residential and retail property

In the analysis of property markets, especially the retail and residential sectors, increasing importance is being given to the role of demography. The impact of economic influences such as interest rate movements, inflation and changes in the labour market are well documented and although these variables are clearly important, they do not incorporate the changing characteristics of the local inhabitants who actually provide the demand. However, demography can provide an invaluable insight into retail and residential property trends, especially over the long term, and are assisted by reliable population datasets with a relatively high level of detail. For example, the emergence of the 'baby boom' generation shift had a substantial effect on demand for retail and housing products, although little consideration has been given to the effect from the subsequent cohorts, namely generations X, Y and Z.

This paper examines the role of demography when researching property markets, with the focus placed on demographic shifts. It discusses trends in a range of demographic variables that have been observed in society. In addition, it highlights linkages with property markets, especially residential and retail property, and draws inferences for long term trends. The study concludes that when conducting research into property markets, it is essential to have a thorough understanding of various demographic variables to predict how they affect demand. An appreciation of the drivers behind generations will assist property researchers to identify future needs, and the subsequent effect this will have on community development involving retail and residential property.

Development of a multimedia data acquisition toolkit and its application for exchanging demolished materials

In the development of a web-based information system such as a demolition material management system, a great amount of diversified information on projects should be acquired from particular users located with various computer platforms. This issue is difficult to handle using the limited HTTP form submission, which could lead to inaccuracy of the information and inefficiency of the whole system. This paper describes a web-based graphical user interfaced, dynamic and distributed multimedia data acquisition mechanism, which accepts users' drawings and retrieval information from the canvas and stores the multimedia data on a server for further usages. Furthermore, techniques and principles needed to construct such a multimedia data acquisition tool are addressed in detail. The application of this distributed multimedia tool in developing a web-based demolition material management system is also described.

Visualisation development for building demolition planning

Demolition has recently been more concerned with the potential damage to the environment by its generated wastes. Waste exchange is apparently the main means by which the problem is currently dealt with. There is little or no consideration on wastes during the planning or designing stage. By utilising a knowledge system and visualisation technologies, a waste management plan can be integrated into the 4D model so as to effectively promote the interactions between demolition waste demanders and the demolition designer. As a result, the 4D visualisation provides not only the graphical schedule for the demolition process, but also the waste handling plan and waste production schedule. This research aims to analysis the integration technology of a waste management plan and the 4D visualisation model for a demolition project and to discuss the related technical and management issues. The integrated demolition visualisation enables to facilitate waste handling during the demolition processes thus to achieve environmentally friendly demolition.