Measuring the effects of public policy on the finances of commercial development in redevelopment areas: gap funding, extra costs and hidden subsidies

Barrie Needham, Alastair Adair, Peter van Geffen and Marco Sotthewes

Journal of Property Research, 2003, vol. 20, issue 4, 319-342

Abstract: It is often public policy that buildings for commercial uses, such as offices, retail and mixed uses should be built in urban redevelopment areas. However, in these areas property developers are often reluctant to build as the risks are perceived to be too large, or a loss is foreseen, or it is difficult to predict the returns and risks from different possible development schemes. Moreover, some aspects of public policy for redevelopment can decrease the profitability even more. In such situations, a public body will consider giving financial aid, directly or indirectly. Then it is desirable to make explicit, and to measure, the financial effects of that policy. In this paper a method is presented for evaluating projects in that respect. It is tested by application to cases in the Netherlands and Northern Ireland and the results for six cases are compared and analysed.

Date: 2003
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DOI: 10.1080/0959991042000202242

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