What are the elements of a great property development

Opeyemi Olusesi

In my last piece, I highlighted some features of an Irresistible Joint Venture offer.

The goal of most real estate joint venture partnership is the development of buildings that will translate into gains for landowners and property developers.

I have highlighted below some key features of a great property development:

Functionality and Appeal – A good development is expected to pass the functionality test. It must be built to meet basic functions such as providing structurally and environmentally controlled spaces capable of accommodating and protecting both occupants and contents.

A residential property is to be lived in. An office complex is a place of work and shopping malls give consumers access to retail outlets, thus a great development must be able to serve the basic purpose for which it was built. Features that may add to a building's functionality include:ample parking space, additional spaces for storage (pantry, shelves, compartments) etc.

Also important is its appeal/aesthetics. The aesthetics of a building defines the property's pleasing qualities. Savvy developers know this is an aspect that would-be users put into consideration when shopping for property. Hence, effort is put in making the overall appearance of the development appealing through the use of symmetry, proportion, balance, decoration, etc. The kind and quality of finishing and sometimes furniture and fittings also play a key role here.

Compliance with regulations – a fit-for- purpose and aesthetically appealing property, when not developed in line with local regulations (such as building control regulations, planning and zoning regulations and other local building requirements) may end up lying fallow. No buyer or investor will put their money on a development that contradicts building regulations. In recent times, some popular residential estates where developments on ground were not in tandem with the Lagos State Government approvals were pulled down and their developers fined. It is also not unusual for the Lagos State Building Control Agency to mark out property that fall short of regulations for demolition.

Proximity to amenities/infrastructure: The location and general neighborhood of the development also contributes to “goodness” of a real estate development. Accessibility to good and properly drained roads, security, healthcare, schools, recreational centres, retail outlets, etc. are also elements of a great property development. The better the location the better the chances of making profits.

Energy Efficiency – Public power supply is another kettle of fish for the majority of Lagos residents, add the cost of fuel and the noise/air pollution from generators. It then becomes imperative that developers consider sustainable and efficient alternatives. The energy efficiency of a building is the extent to which its energy consumption measures up in comparison to established energy consumption benchmarks for a particular type of building under defined climatic conditions. An energy-efficient building is thus one that is designed to reduce the energy requirement/consumption of its occupant.

Price: Price also plays an important role. No one wants to put their hard-earned money on an overpriced property. Hence, while developers do not only ensure that property prices are fair enough, they also include flexible payment terms, giving potential buyers options to spread payment over a certain period of time. A win-win for both sides.

As was mentioned in the preceding piece, a clean and unencumbered property title is as important to potential buyers/investors as it is to developers.