Due diligence typically starts with the review of the project plans, zoning regulations, existing documents, and other pertinent requirements. Depending on the scope of the project, this may involve obtaining a zoning permit or other building permits, researching the local market, evaluating the financials on an ongoing basis, and conducting environmental studies.

It is important to have an experienced team to guide the property development due diligence process, as they can help identify potential risks or opportunities that may not be obvious at first glance.

The next step is to conduct an appraisal. This involves evaluating the value of the property in accordance with the local real estate market, the project goals, and potential risks and rewards. The appraisal report will also include an evaluation of the development cost and estimated value of the finalised property development project.

Once the financials have been determined, we then begin the process of running legal checks. This involves a close examination of all documents related to the property development project, such as contracts and leases, to make sure everything is in order. 

Finally, we review the project plans, conduct background checks on the property developer or construction builder, identify construction risks, verify construction permits, and understand the project timeline. Depending on the scope of the property development project, this could involve additional research into the local market, such as pedestrian and retail surveys, traffic analysis, and infrastructure evaluation.

Property development due diligence is a vital process for any property owner, property investor or property developer. It helps you understand the project, identify risks, and make a more informed decision about their investment. With diligent research and knowledgeable advisors, you can mitigate risks and increase their chances of making a successful return on your investment.