module specification

The development of land for real estate is an exciting, challenging area of work, with each development being unique and the process difficult to transfer from one development to another. It is an area which is highly regulated, including in terms of planning, financing, environment, health and safety and the building control process.

This module introduces you to the process of development and its commercial drivers. It covers the appraisal of developing land for real estate, considering the risks and returns, particularly relating to regulations, finance and funding. You will learn where to find data to help in this appraisal and how to interpret the data.
The module builds on knowledge you have already gained around planning, development and economics, bringing this together to consider the factors in an authentic development project which influence a successful financial outcome. In considering the feasibility of a development you will also examine the construction phase, completion of the build and asset management.
Throughout the module, social value and environmental impact will be considered in relation to the development of real estate. Learning will be developed through real life case studies, inside and outside the classroom.

• Site acquisition and due diligence (LO1)
• Viability studies (LO1)
• Development appraisal (LO1, LO2, LO4)
• Stakeholders in development (LO1, LO2)
• Risk analysis (LO1, LO2)
• Market comparisons (LO1, LO3)
• Residual valuations (LO1, LO2, LO3, LO4)
• Sources of finance and structure of funding (LO2, LO5)
• Cash flow (LO1, LO2)
• Market trends (LO3)
• Sources of data and analysis of data (LO3)
• Planning and its influence on development (LO1, LO5)
• Regulation of development and construction (LO1, LO5)
• Construction procurement and construction process (LO1, LO5)
• Environmental, social, and corporate governance (ESG) factors (LO5)
• Environmental schemes (Nabers UK, BREEAM, LEED etc) (LO5)
• Use of software to create development appraisals (LO3)
• Ethics and professional conduct (LO4)
• Professional Development Journal (PDJ) reflecting on sustainable development from the module and own experience (LO6)

Study will be supported via lectures, seminars, workshops, and guided asynchronous activities. Where appropriate, activities, will be captured and made available to allow asynchronous access. The value of this blended approach is that you will be able to continue to explore topics beyond the classroom and interact with your cohort to expand on discussions and debates.

There will be numerous examples discussed in class and details of these will be provided on Weblearn, together with additional material, for students to study, including visual materials alongside reading materials.

Lectures will help develop your knowledge and understanding gained from level 4 and workshops and other activities will allow you to apply your learning to a range of situations, helped by peer and tutor support.

You will receive formative feedback at regular intervals.  Formative means that the feedback will not go towards your final mark for the module, but you will be able to use the feedback to learn, improve your knowledge of key topics and to develop your academic writing skills. Students will be given the opportunity to self-assess their learning in small group sessions and discussions.

You will be asked to do independent and guided reading and research to support your learning, this will help you to build a wider knowledge of economic theory and how it relates to the built environment and how it will affect you as a real estate professional.

On completion of the module the learner, operating independently and applying their knowledge and skills, should be able to:
1. Demonstrate critical understanding of the property development cycle and the processes involved.
2. Identify sources of development finance and evaluate their suitability over a range of situations.
3. Source and analyse data using software, to evaluate and appraise the viability of real estate developments.
4. Communicate clearly and in a professional manner, demonstrating ethical considerations in decisions made.
5. Formulate and communicate development proposals in relation to environmental, social, ethical, and corporate governance concerns.
6. Critically reflect on your own professional development in relation to sustainable development.

There is no single text currently in publication that provides a comprehensive coverage of all aspects of this module. There are several books, publications and online resources which cover various parts of the module in some detail, and these are included in the core text list.

Core:
Centre for Cities
Isaac, D., O’Leary, J. and Daley, M. (2016) Property development: appraisal and finance. 3rd edn. Abingdon: Routledge.
Ratcliffe, J., Stubbs, M. and Keeping, M. (2021) Urban planning and real estate development. 4th edn. Abingdon: Routledge.
Reed, R. (2021) Property development. 7th edn. Abingdon: Routledge.
RICS Valuation Standards
RICS Valuation of Development Property
Sheppard, A., Peel, D., Ritchie, H. and Berry, S. (2017) The essential guide to planning law: Decision-Making and Practice in the UK. Bristol: Policy Press.