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Development appraisal in practice: some evidence from the planning system

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  • Charlotte Coleman
  • Neil Crosby
  • Pat McAllister
  • Pete Wyatt

Abstract

Due to the requirement to demonstrate financial feasibility of policy proposals and scheme-specific planning obligations, development viability and development appraisal have become core themes in the English planning system. The objective of this paper is to evaluate the application of development appraisal in practice. The paper reviews the literature and the models available to assess the viability of development and analyses a sample 19 development viability appraisals to identify practice. The paper concludes that the practice of development appraisal deviates significantly from the tenets of capital budgeting theory. In particular, in addition to a propensity to oversimplify the timing of income and expenditure, the way in which debt, developer’s return and value and cost change are handled in practice illustrates a major gap between mainstream capital budgeting theory and development appraisal in practice.

Suggested Citation

  • Charlotte Coleman & Neil Crosby & Pat McAllister & Pete Wyatt, 2013. "Development appraisal in practice: some evidence from the planning system," Journal of Property Research, Taylor & Francis Journals, vol. 30(2), pages 144-165, June.
    • Handle: RePEc:taf:jpropr:v:30:y:2013:i:2:p:144-165
    DOI: 10.1080/09599916.2012.750620
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    References listed on IDEAS

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    1. Neil Crosby & Pat McAllister & Peter Wyatt, "undated". "Fit for Planning? An Evaluation of the Application of Development Viability Appraisal Models in the UK Planning System," Real Estate & Planning Working Papers rep-wp2010-10, Henley Business School, University of Reading.
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