Step 5 is the Building Approval and encompasses the detailed engineering design. The importance of monitoring efficient and timely design in this phase is critical to maintaining projects budgets and program.

Don’t take your eye off the ball now…

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Design team protocol and co-ordination

• As the Project Manager it is critical that you have a clear protocol around communication during the detailed design phase.

• Be clear on who the lead co-ordinating consultant is (it’s amazing how often this gets missed).

• Be clear on what decisions require stakeholder engagement.

• Have set hold points during detailed design where plans are reviewed for efficiency of design and cost.

• Designs need to be measured against project budgets and also against stakeholder expected outcomes (which remember can often be intangible but can be measured against tangible design)

General approvals in the stage will include –

• Operational Works (local council)

• Compliance Assessment (local council)

• Hydraulic approval (local council)

• QFES approval (Fire)

• Building Approval (Certifier)

You must ensure the original Town Planning Approval (MCU) is reviewed in BA stage, as all conditions of the MCU must be reflected in the detailed design.

This may include Referral Agencies such as environment or main roads, dependent on the nature of the project.

Next week Step 6 – Construction Phase

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The 4th step in the process is what I call Pre-commitment. There are 5 key steps in this stage…

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• Establish Procurement Methodology

  There are several ways you can engage with a building contractor including ECI (Early contractor involvement), MC (Managing Contractor), D&C (Design and Construct), and HDT (Hard Dollar Tender). There are also many variants of these approaches. Understanding the best outcome for your project requires a clear understanding of your risk appetite and your relationship with the contractor. Each of these methods are very different and can have very different impacts on risk and financial return if not managed correctly.

• Negotiate funding structures & conditions

  Since the GFC, lending criteria has tightened remarkably such that significantly more equity is required to complete projects than was ever required in the pre GFC period. This boils down to your need to be very smart about your funding structures and clearly understand different structures including Senior Debt, Junior Debt, Preferred Equity, Mezzanine Funding etc.

• Establishment of sales protocol

  Assuming you need to sell your product, who is the right person for this job? Not all agents are created equal and it is very much a horses for courses race. Paying excessive commissions does not necessarily guarantee results.

• Marketing strategy

  There is a big difference between sales and marketing and it’s critical you understand that difference. Your marketing strategy is a branding and story telling exercise, and this is the part that is often considered non-essential…but it can make or break certain types of development.

• Achievement of conditions precedent

Conditions precedent include many things from financial structure conditions, to authority approval conditions, to presales and pre-leasing, to many others. It is essential every Condition Precedent is identified and tasked for follow up and sign off. I have seen some big failures in this respect over the years that have cost dearly to fix later in the project.

Next week step 5 – Building Approval

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After you are satisfied with your Due Diligence process and identified and mitigated risks, the next stage is to seek Development Approval from all relevant authorities.

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• Design development

This stage brings together the architectural design in a format that provides sufficient detail to achieve Town Planning Approval from the local council, as well as Referral Agencies such as Environment, Main Roads, Heritage etc.

What is often not completed at this stage is a design review by the Civil Engineer which includes infrastructure capacity, soil types and buildability issues.  Most of the time this is not completed because the developer wants to save some costs. This is a short sighted high risk approach and should be avoided.

• Infrastructure capacity assessment

It is critical to have your engineer not only assess the development site but they must also assess the capacity of the external infrastructure servicing the site including sewer, water, stormwater and power. It’s no good if you find out after you have gone unconditional, that you need to upgrade the sewer and build a new sewer pump station just to service your development. Infrastructure capacity is a major risk element that must be addressed early.

• Planning Analysis and Approval

Engage with a trusted Town Planning consultant who has strong relationships with decision makers in council and who can take your development concept and frame the application wording in such a way that it meets all the criteria of all the approval authorities. They can also negotiate conditions that are better tailored towards your projects and its’ expected outcomes.

Next week… The Pre-Commitment Stage

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What is involved in the De-Risk phase? Quite a bit actually and can vary from project to project. The key is looking at the outcomes you want to achieve and then work back to the things you need to overcome to get there.

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• Due Diligence

This is a whole training course on its own and can be very bespoke for each project. That’s why it is critical you have a person who understands not only the industry in which you are investing, but also understands the niche market you are investing in. DO NOT cut your Due Diligence short.

• Tenure

Understand not only the ownership structures and legal and financial implications of the entity in which you are investing, but understand the current property tenure and ensure you are clear with all relevant approvals required.

• Project Specification

Clearly understand the parameters of what the client believes the project will look like. Ensure your Project Specification is completed before your client goes unconditional on the property. It’s too late after to say “I thought you meant…”

• Schematic Planning

Schematic planning will help the client understand the limitations and risks of the particular project. It will highlight planning and infrastructure issues.

• Financial structural parameters

Have a clear understanding of the financial structure, Principal Debt, Mezzanine Funding and Equity, and the relevant cost of capital.

Next week… Development Approval

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The first stage of Development and Project Management is far too often glossed over. If you haven’t heard of Chaos Theory, then do some research. It applies to all forms of Project Management…A small change in initial conditions creates exponential change later in the project.  

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Project Establishment is too often overlooked as an administration issue, or “below” the Project Managers’ level. Through many years of experience I can assure you that if you do not take the time to ensure your project is established along the following guidelines, then be prepared for chaos.

• Securing agreement

Sounds simple but be very clear on your scope of works and ensure you and your client are on the same page and that the scope of works is agreed in writing.

• Stakeholder management

Know your stakeholders and remember the guy with the money is not the only stakeholder. Stakeholders come in many different guises. If they can impact any part of the project process then they are a key stakeholder, and they must be part of your management strategy.

• Scope Planning

Clients often have a clear view of the scope of works, but because they do not necessarily understand the process of achieving the outcomes, take time to sit down with them and get very detailed about what they want, and ensure they understand what is required to achieve these outcomes. Set their expectations up front.

• Resource Planning

Understand who and what you need to complete the scope and exceed the client’s expectation. Don’t be afraid to ask for resources up front. Clients hate variations down the track.

• Programming

Programming is interesting, I see many project managers wasting time on incredibly detailed programs. Understand major milestones, understand sub-milestones and keep the whole team focused on the milestones. If you don’t have faith in your team to achieve their milestones within their areas of expertise, then you have the wrong team.

• Project Plan

Bring all of the information above together into one document. This then becomes the Bible for the whole team and the client. It sets expectations and sets all project parameters.

Next week… The De-Risk Phase

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There are 8 clear stages that we undertake in the delivery of a Property Development Project for our clients and they are like building blocks. I have seen it so many times, where a developer or project manager ignores, or simply doesn’t understand some of these steps…and that ignorance only ever creates risk, extra costs, lost time, and lower returns.

How does your project compare?

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The 8 stages of our Project Delivery Methodology are as follows –

1.    Project Establishment

• Securing agreement

• Stakeholder management

• Scope Planning

• Resource Planning

• Programming

• Project Plan

• Cost Control

2.    De-Risk Phase

• Due Diligence

• Tenure

• Project Specification

• Schematic Planning

• Financial structural parameters

3.    Development Approval

• Design development

• Infrastructure capacity assessment

• Planning Analysis and Approval

4.    Pre-Commitment

• Establish Procurement Methodology

• Negotiate funding structures & conditions

• Establishment of sales protocol

• Marketing strategy

• Achievement of conditions precedent

5.    Building Approval

• Design team protocol and co-ordination

• Statutory & Stakeholder Approvals

6.    Construction Phase

• Establish decision hierarchy

• Finalise construction costs

• Contract negotiations

• Programming

• Reporting methods and protocol

• Claims procedures

7.    Handover

• Defects

• Quality & Scope

• Final statutory and stakeholder approvals

• Handover logistics

8.    Facilities & Life Cycle Management

• Understand clients’ investment intent

• Capital cost saving V maintenance costs

• Management Team

• Reporting protocols

• Capital sinking funds

Over the next few weeks I will delve into each of these stages in detail to give you an understanding of the methodology we follow to minimise our clients’ risk and maximise their return.

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The key to successful project management is to focus on managing people rather than things.

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Focusing on people management doesn’t deny there are many “things” that need to be done during a project, but remember you are the conductor and your job is to manage the entire orchestra that makes up all the stakeholders to a project.

When identifying stakeholders break them down into two categories –

1. Decision Stakeholders and

2. Influence Stakeholders

Decision Stakeholders are those people and organisations that have direct decision making roles within the project. These include first and foremost the Principal Client. They are the ultimate decision maker on all project outcomes.

Other Decision Stakeholders include the equity and funding partners, local and state authorities and any other stakeholders on which you relay for a decision, no matter how small. Sometimes it’s the small decisions that we ignore that end up becoming the main sticking points.

Influence Stakeholders are people, organisations or even situations that can influence the direction of a project but do not necessarily have a decision making role. Typically this can be political influence and action groups. It can include environmental issues, safety issues, employment issues and a multitude of other factors.

Your role as the Project Manager is to identify every Stakeholder (person, organisation, or situation) that could impact on your project. Review each one and assess its’ likelihood, and its’ level of impact on the project. Where you can, take action to negate the risk before it happens. Where you can’t, have a plan of action in place should that risk occur.

It’s like the Scouts…Always be Prepared.

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Nothing has become more divisive and fraught with rhetoric than the Climate Change debate, and it doesn’t matter whether you agree or disagree. The debate has become so heated it is more about defending a position than facts, and this only takes us further away from rational solutions.  There are solutions, but they will take a longer term vision than our systems’ 3 year political vision.

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I come at this debate from a Property Development perspective and as such you may automatically think I would be a climate sceptic, but I’m not. I’m not that smart. I don’t know anything about climate change. I am not a scientist and I don’t claim to be. And this is the core of the problem, the debate has become more about being right and denigrating the other side, than real facts and rational comprise to achieve outcomes.

Here is what I think –

• The climate change debate has brought a halt to infrastructure investment, dams or power, as there is no political will to enter into these debates

• It seems you have to either be a climate sceptic or a climate believer…whatever happened to the middle path?

• We can’t keep pumping crap into our eco-system and expect it won’t have consequences for future generations.  We have to change.

• But we can’t just stop burning coal or building dams or creating infrastructure for the future prosperity of our children

• I simply cannot understand why we cannot have the debate around a long term transition, in small achievable steps, from our current fossil fuel usage, to renewables. For example let’s talk about coal. We cannot simply not build anymore coal mines or coal fired power stations, this is economically impossible.  But why can’t we step through Carbon capture to clean coal technology, to supplementing with solar power, to eventually full conversion of existing plant to Solar Power. This might take 30 years…so what? Let’s make a start.

• With a long term vision strategy in place, major infrastructure investors can position themselves and their capital to achieve the required outcomes, and this will provide certainty and stability in our economy which is at the heart of a prosperous nation.

…anyway, rant over.

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In the 1920’s the world economy went through an unprecedented economic boom. Driven by the activity generated from WW1 and the subsequent rebuilding processes and most importantly a new mindset where people were confident to invest again, following years of rationing and penny pinching.

Will the 2020’s follow a similar pattern after the last 10 years and the impacts of the GFC….?

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One of the key differences between the 1920’s and the 2020’s is technology and the “connectedness” of the world. What happens on one side of the globe affects the attitudes of people on the other side of the world in almost an instant. The instability in the Middle East, Donald Trump, China and Russia, all affect investment thinking, everywhere. What this does is erode confidence and I’m not talking about the confidence of a large investor to invest in a job creating project, I’m talking about the average Joe Blow who isn’t confident to spend $100 on a Friday night at a restaurant because he’s not sure if he will have a job in 12 months’ time. These average Joe Blow’s are the basis of economic cash flow.

Of course it takes large investment to create jobs and this creates the certainty of employment, but again we live in a World Economy in the 2020’s. In 1920 the Macro economy was what happened in your country. The Macro economy now is what happens in the whole world.

Buts let’s look closer to home. I am confident in continued growth in the South East Corner of Queensland, Greater Sydney, and Greater Melbourne. I have less confidence in the regions. Now I know there are some great nation building projects in the pipeline such as water infrastructure, and other larger investments such as battery plants etc, but these are all long term projects and require significant political will to ensure approvals and development in a timely manner… our system unfortunately does not support development and that comes from either side of the political aisle.

Firstly our country is very big and it costs a lot of money to build and maintain infrastructure over long distances. It is much cheaper for governments if everyone lived in one location.

Secondly the rise of the climate change debate has halted development. Regardless of where you stand on the issues, the fact is water, security and power supply have become political no go zones.

So what does that all mean for the next decade…

1. We need confidence at the absolute core of our economy. The average person needs to be confident to spend and be confident in their employment. This comes from…

2. Large investors having confidence in the stability of the world economy which requires…

3. Leadership. Definitive political will and the ability to negotiate the middle ground especially when it comes to nation building projects.

Maybe it’s just a dream…

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Artificial Intelligence (AI) is growing at an exponential rate. In 5 years let alone 10 years our world will look very different. But what has that got to do with the property industry?

A lot…so ignore it at your peril

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Property Development is a slow moving beast. Unlike trading in shares which happens every minute of the day, property takes time to transact, and if you’re talking about property development then it can take years. In an industry that is used to that slow pace, apathy can easily build up and we ignore the forthcoming changes…of course until it’s too late and some young upstart has snuck in under our guard and changed the way things are done.

AI will have an enormous impact on every part of our lives and the Property Industry is no exception. I like to look at this as an incredible opportunity that if understood and managed well, could be a major boost for the industry.

Over the next few weeks I am going to look at various different elements of the property industry that will be impacted by AI and how we can all look to take advantage of these changes.

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A Green Star Rating is primarily focused on the environmental footprint required to construct the building and the impact that construction methodology and materials have on the long term sustainability of the building.

What are its Key Principles?

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Green Star Ratings are administered by the Green Building Council of Australia and its aim is to promote sustainable development and the transition of the property industry towards sustainability by promoting green building programs, technologies, and design practices.

The key elements that Green Star focuses on are –

• Innovation

• Land Use and Ecology

• Construction Materials

• Energy Usage

• Energy Source

• Indoor Environment Quality

• Transport provisions

• Water usage and re-use

• Building Emissions

• Building Management Practices

Green Star Ratings are a very holistic approach and look at everything from the environmental footprint of the building materials used to construct the project, through to the energy efficiency of the completed structure, and the management practices of the building into the future.

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A NABERS Rating (National Australian Built Environment Rating System) is primarily focused on the energy required to operate an established building. It measures a building’s energy efficiency, carbon emissions, water consumed, and waste produced, then compares it to similar buildings.

But how?

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The following is an extract from the official NABERS Rating web site.

Fortunately, we’re becoming better at understanding how we can make buildings more energy, waste and water efficient. But, the first step is understanding how each building is operating and gauging the impact it's having on the environment.

This is where NABERS comes in….

NABERS (which stands for the National Australian Built Environment Rating System) can be used to measure a building’s energy efficiency, carbon emissions, as well as the water consumed, the waste produced and compare it to similar buildings.

Once you understand your impact, you can begin the journey to reducing it and contributing to a healthier environment.

Key Principles of NABERS

NABERS is Australia’s leading building performance rating due to its integrity of methods, transparency of process and accountability to industry.

NABERS is built on the following 7 key principles which helps us maintain our quality of service.

1. NABERS measures actual impact, not intent

2. NABERS is relevant to building operations

3. NABERS ratings are meaningful

4. NABERS ratings are simple and easy to perform

5. NABERS ratings are reliable

6. NABERS management is trustworthy

7. NABERS development is collaborative

In the next Blog we will look at the Green Star Rating system in more detail.

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What’s the difference between NABERS Ratings and Green Star Ratings when it comes to environmentally sustainable development?

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Did you know that buildings use 40% of the world’s energy, emit 40% of the world’s carbon emissions, and use 20% of the world’s available drinking water? So how do we go about understanding and measuring this>

A NABERS Rating (National Australian Built Environment Rating System) is primarily focused on the energy required to operate an established building. It measures a building’s energy efficiency, carbon emissions, water consumed, and waste produced, then compares it to similar buildings.

A Green Star Rating is primarily focused on the environmental footprint required to construct the building and the impact that construction methodology and materials have on the long term sustainability of the building.

In the next Blog we will look at the NABERS Rating system in more detail.

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Traditional Economic Theory states that low supply equals high demand and increasing prices and confidence…but since the GFC things have become very different in different markets.

Let’s look at Townsville as an example.

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Townsville has always been known as the solid performer of Regional Australia. Not subject to big falls and dramatic market rises, due primarily to its diverse economic base that is not reliant on one or two single industries.

But for 10 years now Townsville has been bumping along the bottom with a few bright lights to lead us forward. However over the last 12-18 months there has been a distinct change in the general ‘talk’ around the city, in the industry, and in the media. The future is looking brighter than before with several large scale projects looking likely to become a reality. These projects will create employment and population growth, the two key factors Townsville has lacked since the GFC.

But an interesting market trait has emerged over the last few months which has been evidenced by several residential apartment projects that have been launched to the market. What has been evidenced is a strong demand, especially in the owner-occupier end of the market. The enquiry rate for medium to high end property has been very strong, and with nil supply of new stock in the market this should be a classic underlying demand story…but this demand has resulted in few converted off the plan sales. Why?

There are a few factors that contribute to this outcome -

• Property values across all sectors of the market are down at one time. This includes high end property values so owner occupiers don’t have the equity in their existing homes, at this stage of their lives, that they thought they would.

• Because its been 10 years of little to no economic activity, people have become doubting Thomas’s and will only believe something is truly happening when construction starts. This makes off the plan sales every difficult.

• And one final factor I believe, is that the improved market sentiment is not all about the market actually improving…but is primarily about acceptance that this is “The new norm” and expectations have been lowered.

Food for thought…

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I don’t know where the years are going. It’s a cliché to say every year gets quicker but I swear that’s what is happening…must be global warming.

So how was 2019?

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You know it’s now actually 11 years since the GFC collapse in 2008. Hard to believe its been that long. What 2019 certainly showed up is a two-speed economy –

1. The South East corner, what I call the 3 T’s (Toowoomba, Tweed Heads, Tewantin) and;

2. Anywhere else in Queensland.

This year our Brisbane operations have really started to kick on and despite some pundits saying Brisbane has been off the boil, if you have been trying to make a dollar in regional Queensland you are obviously resilient and persistent, and if you take that attitude to the south then you will succeed.

But dare I say there is hope for the regions? In November the Opposition Leader Deb Frecklington backed the Bradfield scheme or at least a version of it. If you look at my blogs from the last 15 years I have been talking about the ‘Food Bowl” that the central north of Queensland could be if only it had water. This would be a Nation Building project…is it too much to ask that political will could make this a reality? Whatever happens get ready for the rent-a-crowd protestors claiming we will be destroying the environment by building a dam.

I will however remain optimistic and say that I do see a strong future for the regions…provided we have Energy and Water. With these two key elements there are enough people willing and entrepreneurial enough in the regions to take full advantage and create jobs and economic growth.

Merry Christmas to all and see you in 2020.

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Finance requirements for property development and investment opportunities are far more than getting a loan.

Finance Structuring has become a field of expertise, that if handled correctly, can have enormously positive outcomes in terms of returns to owners and shareholders.

 Financial Structuring is all about understanding – 

1. The Asset Parameters

2. Investors’ expectations

3. Risk Profiling

But how does that work?

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Financial Structuring is all about understanding – 

1. The Asset Parameters

2. Investors’ expectations

3. Risk Profiling

With that understanding then the correct combination of funding sources can be structured to include –

• Principal debt

• Mezzanine debt

• Preferential equity

• Loan equity

• Investor equity

• Shareholder structure and share types

Asset Parameters

When analysing a suitable finance structure, the consideration of Asset Parameters is a critical first step. There are several key areas that need analysis including–

• Class of Asset

  • Type

    • Industrial

    • Retail

    • Commercial

    • Residential

  • Hierarchical Class

    • Position of the asset within its own market

    • Impact of Micro Economic issues relating to asset performance

• Market position

  • Location of competition

  • Location of Generators

• Structural

  • Structural integrity

  • Depreciation

  • Cap Ex Consideration

  • Maintenance Budget consideration

  • Tenancy Mix

  • Internal layout

  • Obsolescence

  • Opportunity for redevelopment

• Value Analysis

  • Income analysis

  • Outgoings review

  • Energy Audit

  • Tenancy Mix

  • Opportunity for expanded development

Investors’ Expectations

 Comprehension and understanding of the motivations and expectations of the Investor is of paramount consideration. Motivations can differ from investor to investor, and from property to property and can include –

• Cash Flow

• Capital Value

• Redevelopment Potential

• Asset Repositioning

• Short term trade

• Long term hold

Risk Profiling

In conjunction with the assessment of asset parameters, an asset will be Risk Profiled within the market and within the opinion of principal debt finders and equity investors. To be able to source the best funding structures and produce the best possible returns from an asset or project, means that the Risk Profile must be considered in detail. Rosel Sherwood provides expertise on analysing an assets’ Risk Profiling and providing solutions and outcomes to reduce Risk and increase value.

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What does the Property Development Process look like and how does a Development Manager differ from a Project Manager?

Following is a chart that sets out the process and shows the differences.

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This is the only Time Management Tool you will ever need and it can be applied to your work and your personal life. So how does it work?

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This is not a new revolutionary system and many of you will have seen it before, or use something similar. The problem is that the majority of people don’t use it properly. There are two key issues you need to be very clear on for this system to work, and they vary for different people –

1. What does Important mean?

2. What does Urgent mean?

Firstly let’s talk about Important. To understand what tasks are important you need to understand what is important to your project stakeholders and then ask yourself “Is this task getting me closer to achieving the outcomes that my client wants for this project?” If the answer is Yes then it’s important. If No then it’s not important. Remember it’s not what you think is Important, it’s what is important to that particular project stakeholder, and that may be very different for different jobs.

Now let’s talk about Urgent. In its simplest form ask the question, “If I don’t do this task today, will it have major financial or time implications?” If the answer is no it could be done tomorrow, then it becomes Not Urgent. If yes, then it is Urgent.

The problem with urgency in the workplace is that what you consider urgent is not necessarily what your boss considers urgent, and this can be exacerbated when you are working on multiple projects with multiple stakeholders.

The best way to try and resolve this is two-fold –

1.    Be clear on the project timeline

Understand the project timeline. Be very aware of what are Critical Path tasks and what are not. Critical path items can easily sneak up on you if you are not across the project timeline.

2.    Strong Communication

Have very strong communication and relationship protocols with the stakeholders and team leaders. Whenever there is conflict on what is urgent, don’t ignore it, raise the issue, discuss the problems and come up with a solution. I can’t stress how important communication is in making your life easier.

So…the way I use this Time Management system is, at the end of each workday I gather all my outstanding tasks, emails awaiting answers and phone calls to  be made or returned and I sort them as follows –

Step 1 – Sort each item into Important or Not Important categories

Step 2 – Sort the Important category into Urgent and Not Urgent

Step 3 – Sort the Not Important category into Urgent and Not Urgent

That now leaves you with 4 categories –

1. Important and Urgent

2. Important and Not Urgent

3. Not Important and Urgent

4. Not Important and Not Urgent

Now you can start the next day working through these categories in order from 1-4.  By doing this means that when you are very busy, you may only get through category 1, but that means you have dealt with the most important and urgent tasks that day, and it will leave you feeling at least that you have accomplished what was needed. It puts a full stop to “doing what’s easy” and “paper shuffling” which many people get caught up in.

But a word of warning… problems arise when you start to see everything as Urgent, or you have not clearly defined what is Important. Without a clear understanding of these two key areas, then no Time Management system will ever work for you because you will simply become a manager by reaction.

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Property Management and Portfolio Management are not the same.  

Property management deals with every day issues including facilities management, tenancy management, & lease management.

Portfolio Management deals with how the assets integrate, risk profiles, and balancing a portfolio, and sets longer term strategies for procurement, growth, and disposal.

Following is a flow chart reflecting a Portfolio Management process.

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Project Risk is a term that is too loosely used in projects and far too often poorly managed, and used as a “Good Excuse” for poor outcomes.

 It doesn’t mean things don’t go wrong, but if you get it right then you have a process in place to manage known risks, and to proactively deal with unforeseen issues.

Lying in the foetal position crying is not the best way to deal with project risk…

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When dealing with risk the two greatest attributes a Project Manager can have is flexibility and to surround yourself with problem solvers.

It is critical to have processes and systems in place to deal with risk, but you must be prepared to step outside the process if the resolution for a particular risk requires it. This doesn’t mean you negate processes and just go off and do whatever you want, it means being willing to be flexible. Different risks require different solutions and when a PM gets caught up in the process, time is wasted and costs rise.

Of course the best risk mitigant of all is to have a very good team of problem solving consultants surrounding the project. As a project Manager you are only as good as your weakest link…make sure all the links in your project chain are strong.

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