ROADMAP · LAND
Land and project preparation
Value emerges as uncertainty falls: rights, development parameters, infrastructure and an evidenced approval route.
Who it fits
For investors who tolerate process risk and value technical and planning preparation before construction.
When to reject it
Reject it if the case depends on unconfirmed buildability, an uncontrolled plan change or uncosted infrastructure.
Value-creation logic
Capital converts an uncertain plot into an asset with verified rights and a defined next step.
Starting inputs
- Land classification and permitted use
- Buildability and urbanisation obligations
- Access, utilities, easements and encumbrances
- Prepared-project buyer or decision to build
Documents at the decision gates
| Review | Evidence to request | What does not prove the result |
|---|---|---|
| Rights and boundaries | Registry, cadastral identification and survey | Address match without reconciling the plot |
| Permitted volume | Current parameters, restrictions and design review | Area × coefficient alone |
| Infrastructure | Access, connections, obligations and costs | A verbal connection promise |
| Permission | Decision, conditions, scope and validity | An application presented as approval |
| Exit | Rights and papers required by the target buyer | The status of a neighbouring plot |
The Sitges case distinguishes published stages from financial limitations. A new asset needs its own evidence; the historical case’s licence does not transfer to it.
A shared nine-stage process
Objective and capital framework
- Decision
- Decision: define land-preparation objective, capital and uncertainty limit.
- Evidence
- Evidence: documented inputs and review conclusions for land-preparation objective, capital and uncertainty limit.
- Risk
- Key risk: committing before the assumptions for land-preparation objective, capital and uncertainty limit are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for land-preparation objective, capital and uncertainty limit are confirmed.
Investment thesis
- Decision
- Decision: define value through confirmed rights and reduced planning risk.
- Evidence
- Evidence: documented inputs and review conclusions for value through confirmed rights and reduced planning risk.
- Risk
- Key risk: committing before the assumptions for value through confirmed rights and reduced planning risk are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for value through confirmed rights and reduced planning risk are confirmed.
Search and first filter
- Decision
- Decision: define land class, access, infrastructure and developer demand.
- Evidence
- Evidence: documented inputs and review conclusions for land class, access, infrastructure and developer demand.
- Risk
- Key risk: committing before the assumptions for land class, access, infrastructure and developer demand are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for land class, access, infrastructure and developer demand are confirmed.
Preliminary economics
- Decision
- Decision: define residual land value under base and adverse assumptions.
- Evidence
- Evidence: documented inputs and review conclusions for residual land value under base and adverse assumptions.
- Risk
- Key risk: committing before the assumptions for residual land value under base and adverse assumptions are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for residual land value under base and adverse assumptions are confirmed.
Legal and technical review
- Decision
- Decision: define title, encumbrances, buildability, urbanisation and constraints.
- Evidence
- Evidence: documented inputs and review conclusions for title, encumbrances, buildability, urbanisation and constraints.
- Risk
- Key risk: committing before the assumptions for title, encumbrances, buildability, urbanisation and constraints are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for title, encumbrances, buildability, urbanisation and constraints are confirmed.
Structure and acquisition
- Decision
- Decision: define purchase, option or conditional contract with protections.
- Evidence
- Evidence: documented inputs and review conclusions for purchase, option or conditional contract with protections.
- Risk
- Key risk: committing before the assumptions for purchase, option or conditional contract with protections are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for purchase, option or conditional contract with protections are confirmed.
Strategy delivery
- Decision
- Decision: define planning, design, approvals and utility connections.
- Evidence
- Evidence: documented inputs and review conclusions for planning, design, approvals and utility connections.
- Risk
- Key risk: committing before the assumptions for planning, design, approvals and utility connections are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for planning, design, approvals and utility connections are confirmed.
Control and reporting
- Decision
- Decision: define procedure status, professional budget and decision log.
- Evidence
- Evidence: documented inputs and review conclusions for procedure status, professional budget and decision log.
- Risk
- Key risk: committing before the assumptions for procedure status, professional budget and decision log are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for procedure status, professional budget and decision log are confirmed.
Stabilisation and exit
- Decision
- Decision: define sell the prepared site or proceed into construction.
- Evidence
- Evidence: documented inputs and review conclusions for sell the prepared site or proceed into construction.
- Risk
- Key risk: committing before the assumptions for sell the prepared site or proceed into construction are tested.
- Control gate
- GO/STOP: proceed only when the inputs and owner for sell the prepared site or proceed into construction are confirmed.
Review scenarios
Base case
Parameters hold, procedures follow the documented route and the preparation budget remains controlled.
Downside case
Test lower volume, extra infrastructure, procedural delay or refusal of the expected outcome.
Frequently asked questions
Is an approval prospect a right to build?
No. Preliminary views and issued permission carry different evidence and value.
What is calculated before purchase?
Residual land value after all costs, time, infrastructure, fees and a lower-volume case.
What is a STOP gate?
Unworkable use, uncertain access, a critical encumbrance or economics that only work optimistically.
