Development Management.

The Due Diligence stage is one of the most critical stages in any development. At Spectre Property, we pride ourselves on our detailed due diligence that we conduct prior to and as part of our acquisition process. Taking in to account site conditions, planning controls, surrounding market and key development risks,

During this phase, we prepare a feasibility study highlighting all project costs and conservative project revenue. This also gives a view to what return the development will generate, what equity/debt mix is required and rates of return will be generated over the project lifecycle.

Utilising typical on market channels and leveraging our relationships to find off market opportunities, Spectre Property is able to source profitable development sites that allow for either immediate development or can be acquired for development in the medium to longer term.

Our significant experience allows us to quickly identify sites that provide significant opportunity prior to conducting our detailed due diligence.

We are firm believers that project profits are made during the acquisition process. All sites that we acquire are for the right price and are on terms favourable for the development opportunity.

Following on from our initial due diligence which presents a ‘worst case scenario’, we work closely with our consultants to prepare a highest and best use study for the development site.

We don’t focus solely on the highest gross realisable value for the site, but the options that maximises GRV whilst managing key project risks, reducing the project timeline and the highest velocity of sales all matched to a clear funding pathway.

Once we have landed on the scheme that best works to achieve the project’s goals, we engage and work closely with our team of specialised architects and consultants.

Like no site is the same, what is required during the planning process differs from site to site. Together with our consultants, we ensure our planning application is within planning controls and constraints whilst achieving our highest and best use. During this phase, we also ensure take in to account construction value management principles achieving the perfect balance between project design and cost management.

Our approach doesn’t stop with working with planning consultants. We also work closely with local councils, public forums and those immediately impacted by the development further allowing for the achievement of the project goals.

The funding model for a project, like its feasibility is make or break. The development finance market has an array of options each offering particular benefits depending on the project. We not only assist facilitate development funding, but we also assist in the preparation of funding applications. We prepare financial feasibility models, cashflow forecasts, equity/debt structures and much more.

One of the biggest mantras that you will hear us constantly say is to minimise risk. One of the best ways to mitigate risk in any project is to have a clear exit strategy. Spectre Property can create a targeted marketing strategy and execute all sales and marketing activities to ensure project revenue is maximised in the shortest time period possible.

Whilst the product type and market demand was understood and defined earlier on in the project lifecycle, it is during this stage where we work with creative agencies to prepare sales and marketing material that helps our projects stand out from the crowd. We work with a number of sales/leasing agencies and channels both domestically and internationally to ensure that we find all the purchasers and/or tenants for a project regardless of where they may be.

The construction of all projects must be managed effectively in order to ensure the project triangle is optimised. This ensures cost, time and quality are not sacrificed at the expense of another.

We ensure this by preparing detailed tenders and ensuring the contractor(s) selected have the necessary experience, capability and financial standing for the project. The construction program is managed with the contractor and all progress claims are evaluated.

Spectre Property also prides itself on our quality standards. We ensure the project is regularly inspected to ensure any deviation from our high standards are managed and rectified.

We understand that each project has different reporting needs and as such cater our reporting systems to support them. We coordinate and run the different types of meetings that typically happen within a project including PCG meetings, Financier meetings and QS meetings to name a few.

Our reporting ensures that you are kept up to date with the whole development process to ensure any project controls are implemented as and when required.