Glossary definition
Remediation
The process of removing or treating contamination on a development site to make it safe for the intended use, often required on brownfield or former industrial land. Remediation costs can be substantial, ranging from £50,000 to over £1 million depending on the type and extent of contamination.
Definition
The process of removing or treating contamination on a development site to make it safe for the intended use, often required on brownfield or former industrial land. Remediation costs can be substantial, ranging from £50,000 to over £1 million depending on the type and extent of contamination. Lenders require a Phase 2 environmental report and agreed remediation strategy before advancing funds on contaminated sites.
See also
Closely related terms.
Site Investigation
A series of ground investigations and environmental assessments carried out to identify potential risks associated with a development site, including contamination, ground conditions, flood risk, and ecological constraints.
Build Cost
The total cost of construction works on a development project, typically including materials, labour, preliminaries, and contractor margins.
Contingency
A budget allowance set aside for unforeseen costs during a development project, typically expressed as a percentage of build costs.
Planning Permission
Formal consent from the local planning authority required before carrying out most types of development, including new construction, material changes of use, and significant alterations to existing buildings.
Further reading
Guides that touch this term.
Guide
How Does Development Finance Work? A Complete Guide for UK Developers
A ground-up guide to how development finance is structured in the UK, covering loan mechanics, drawdown schedules, monitoring surveyors, and what lenders look for in your application.
5 min read readReadGuide
Development Finance Application Checklist: Documents You Need
A comprehensive checklist covering every document lenders require for a development finance application, from development appraisals to contractor tenders and planning evidence.
11 min read readReadGuide
RICS Red Book Valuations for Development: What Lenders Require
A comprehensive guide to RICS Red Book valuations in development finance, covering what lenders require, how valuations are structured, and how to ensure your scheme is accurately assessed.
11 min read readRead
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