A property or infrastructure opportunity can look settled when the site and headline economics are attractive. In practice, the operating case depends on title and rights, permitted use, approvals, access, utilities, financing, design, contractors, demand, handover, and long-term obligations. Takelegal organises these workstreams into a decision and dependency map. Independent property, planning, environmental, tax, finance, technical, and legal professionals assess their areas. Their inputs stay connected to the commercial case and project schedule. Specialist diligence remains essential. The work helps the business ask the right questions, understand which finding moves the model, and maintain a record as the project changes.
Tie diligence to the investment case
Diligence should test the assumptions that create value. Management first lists the proposed use, development rights, access, utilities, timing, revenue, financing, exit, and conditions that would make the project unacceptable. Independent specialists then review title, encumbrances, approvals, physical condition, planning, environment, tax, and other relevant matters. Findings are logged with commercial consequence, owner, response, cost, and closing condition. A large report can still fail management if every issue appears equal. The decision team needs to know which finding reduces buildable area, delays revenue, increases capital, limits transfer, or creates dependence on another party. Diligence earns its cost when it changes or confirms a real decision.
- Value assumptions and red lines
- Specialist review scope
- Commercial effect of each finding
- Condition, remedy, or accepted risk
Build a permission dependency map
Projects often need a sequence of permissions, consents, utility connections, third-party rights, and lender approvals. The exact set depends on the asset, location, use, and project. Relevant specialists confirm one shared dependency map. Each item has an applicant, information requirement, predecessor condition, expected decision point, renewal concern, and effect on work that management wants to start. The map should distinguish a permission already held, one that can transfer, one tied to a design, and one still assumed in the model. Project teams can then avoid spending against an approval path that has not been tested. A schedule with no permission logic is a wish with dates attached.
- Permission and responsible applicant
- Predecessor and design dependency
- Project activity affected
- Renewal, transfer, or change trigger
Control change across the contract stack
A project may involve development agreements, consultants, designers, main contractors, specialists, suppliers, operators, tenants, purchasers, lenders, and public bodies. Their obligations interact. Across the project, one contract map tracks design responsibility, information, programme, payment, quality, insurance, testing, handover, and claims. Change control needs one route across that stack. A client instruction may affect design, cost, programme, finance, and a downstream procurement package at once. The record should show authority, notice, evaluation, approval, and implementation. Independent counsel handles material drafting and disputes. Management needs the joined-up view that shows where a change has been accepted in one relationship but not passed through another.
- Contract and responsibility matrix
- Design and information ownership
- Change, notice, and approval route
- Cost and programme effect
Plan handover and operation early
Completion is a process, not a date on the first programme. The project needs definitions for testing, acceptance, defects, documents, training, warranties, asset data, occupancy or operation, final accounts, and continuing responsibilities. While procurement and construction are active, the team builds the handover index. Operators, facilities teams, tenants, purchasers, and lenders may need different evidence. Missing manuals or assignment rights can weaken value after the physical work is done. Operating contracts, maintenance, service charges, revenue collection, and later capital work also belong in the commercial model where relevant. A project becomes an asset when someone can use, operate, evidence, and transfer it with confidence.
- Testing and acceptance criteria
- Handover documents and training
- Defects, warranties, and final account
- Operating and revenue responsibilities