Some of you may know me as the Director at The Development Collective. Today though, I’m posting as a fellow property developer operating in this volatile industry.
Around two years ago, I made the decision to undertake my own development in Mt Eden, Auckland. My primary goals for this project were to execute a successful development targeting a part of the market I feel is overlooked (‘The Missing Middle’), and to gain firsthand experience as a developer to ensure I’m well equipped to advise my client base.
We chose a site we considered manageable as a first development from a scale point of view. Don’t get me wrong, 21 walk-up apartment development is not small, but with our background, we felt this was achievable and suited the brand we wanted to build. It was important that units be priced at an affordable level for first home buyers and key service workers ($595k – $890k). We created a brand around this (www.urbizen.co.nz) and went to work in 2018.
It has been quite a journey to date. The knowledge I’ve gained throughout the process, both negative and positive, has been hugely valuable to me, my business and my ability to support my clients through their own developments. Most service providers offer basic support through the development process but don’t understand the full range of pains and joys developers experience throughout a project. I feel that this knowledge, or lack thereof, can have a significant impact on the success of a project.
With my development in Mt Eden nearing its completion date this spring, I thought it might be useful to share some of the highs, lows, and key learning experiences from this project. Over the next few weeks/months, I’m going to post some key information relating to the many steps in the development process: Feasibility, Project Planning/The Process, Marketing & Sales, Construction, and Project Completion. I will be sending out my first post on the Feasibility Stage next week. I hope that some of you find these anecdotes useful, or interesting at the very least!
