The key elements of project development are:
- project objectives – what do you want to achieve?
- site – all the property issues
- people – your organisation, who will do the work, who will support the project
- finance – having sufficient finance in place to make a bid
The right to bid is a ‘pre-emptive right’, so you should keep in mind that you will be working to a tight timescale if you opt to trigger the moratorium or ‘stop the clock’ and deploy the right to bid in earnest (see: Step 5). If at all possible, plan to have everything in place well in advance of being notified of an owner’s intention to sell an asset of community value.