Discusses the approach to the valuation of property where the proposed development is of a cleared or greenfield site or where the site is to be redeveloped by removing all or substantially all of the existing buildings and construction new buildings. Does not apply to redevelopment based on a refurbishment of existing buildings with limited demolition. Explains two approaches to the valuation of deveopment land: Firstly a comparson with the sale price of land for comparable development (comparative method) and secondly the assessment of the value of the scheme as comleted and deduction of the costs of development (including developer's profit) to arrive at the underlying land value. This is known as the residual method.

superseded by Valuation of Development Property Effective, ISBN 9781783213719, from 1st Feb 2020.