MAST in Brighton
June 14, 2019
In the world of architecture and property development, going through town planning to bring development ideas to real life can mean evolving to suit the different opinions of key stakeholders involved. When it comes to getting a new project off the ground, this evolution highlights the critical need to know your product’s limits – and understand who the target audience really is.
Know Your Product – and Your Market
According to Heath Thompson, Director of Projects by Buxton,successful property development begins with thorough research. “Whenever we explore the opportunities of a new development site, our approach is to find out what’s actually selling, rather than to simply look at what’s for sale,” says Heath. “This is very important. Just because it’s listed for sale, it doesn’t mean it’s selling successfully. Hard data is what’s really been sold – and how much it sold for. That’s the only data that tells you what is working and what’s not.”
By knowing how every component works together – from finance, to town planning to construction and market research – sales results improve. “It’s not just about creating an apartment complex with high-grade finishes and interior design detail,” he says. “What we do differently is detailed research and feasibility that ensures we understand who the development is being built for and what they want in a residence.” With that approach guiding every step, risks are minimised.
One example of a more positive town planning evolution, says Heath, is the MAST development in Brighton. “When we started, the town planning permit was very different – a completely different product than what we eventually went to market with,” Thompson says. From an initial plan for a 26-apartment development, Thompson says the project shifted to become a development of just 15 apartments.
Planning = Profits
Strategic planning and an agile response to what the market actually wanted and needed meant revenue increased to around 11.5% from the original projections – something Thompson says was made possible by understanding the importance of transitioning to suit a market that was very tough. “Changing direction required solidarity between everyone involved – and the result was a measurably successful project that was able to adapt to deliver something buyers really wanted,” says Thompson.
Communication is the Key to Property Development Success
The exercise is proof, he says, of Projects by Buxton’s commitment to detailed consultation that focuses on delivering viable, profitable and desirable development projects. When brands consider their market and audience, rather than just their own ego, the difference is obvious – something that Thompson says is crucial for developers to understand, in order to remain competitive in an ever-changing market.
