Real Estate Development MSc

Program Overview

This RICS-accredited MSc in Real Estate Development equips students with the skills to thrive in the dynamic property market through a comprehensive curriculum covering valuation, management, and development. The program offers industry-led insights, project-based learning, and networking opportunities, preparing graduates for successful careers in property development, investment, and management.

Program Outline

Degree Overview:

This MSc in Real Estate Development is a practical Master's program designed to equip students with the skills and knowledge necessary to thrive in the complex and ever-changing real estate market. The program is accredited by the Royal Institution of Chartered Surveyors (RICS) and aims to provide a challenging, stimulating, and professionally relevant course of study directly related to the valuation, management, and development of real estate property. The program's objectives include:

• Developing the latest management skills and techniques to successfully deliver projects to meet client expectations while considering external constraints.
• Equipping students with the ability to analyze development situations, respond to development problems with derived solutions, and critically appraise options.
• Fostering independent evaluation of alternative courses of action.
The program is ideally suited to graduates with some existing property experience who aspire to senior positions in real estate development or property management. However, it welcomes individuals seeking to transition into this dynamic industry and can demonstrate their passion for property.

Outline:

The program consists of seven core modules, including the dissertation, and one option module, totaling 180 credits. Students can tailor their studies towards valuation, legal, or property finance and investment, learning more about procurement surveying, capital raising, financial decision-making, and dealing with banks and investors.

Semester 1:

• Property and Planning Law: This module explores the legal framework surrounding property and planning, including the influence of European Law and the relationship between the legal process and social change.
• Valuation and Finance: This module examines valuation and finance principles with examples from real case scenarios.
Past trips have included New York and Hong Kong.
• Dissertation: Students choose a research topic, conduct empirical research, and produce an academic dissertation.

Core Modules:

• Asset Management: This module explores corporate decision-making in the context of the business environment, corporate goals, and the practice of company finance, estate, and portfolio management.
It provides a grounding in property as an asset class and a practical and theoretical appreciation of techniques and practices used in the management and valuation of commercial property.
• Project: This module builds practice-based skills by enabling students to produce a report based on an individually conducted research project.
Students are supported by research methods classes and a supervisor who provides advice and guidance throughout the research project.
• Law for Property Professionals: This module fosters reflection on the origins and development of law, including the influence of European Law, and encourages understanding of the relationship between the legal process and social change.
Students develop mastery of key principles of English Law relating to business, including contract, tort, real estate law, and regulatory regimes affecting the property industry.
• Property Development: This module critically examines the stages involved in developing land and properties, and the roles of key players involved in appraising physical, legal, financial, and social aspects required for a successful outcome.
The study concentrates on single and multiple use developments (with a focus on commercial and residential).
• Property Finance: This module addresses the strategic role of lending in the property sector, examining the history of lender involvement, risk assessment and mitigation, and procedures involved in lending on property.
Traditional banking is studied alongside investment banking techniques.
• Property Valuation: This module critically evaluates the merits and limitations of traditional and contemporary approaches to real estate valuation in the broad economic, financial, and social context.
It examines the challenges facing the global valuation profession in the valuation process due to technology advancement and social changes, and explores modern methods of valuation and valuation practices suitable for the future.
• Sustainability and Real Estate: This module develops a strategic approach to implementing sustainability into a building's lifecycle.
• Landlord and Tenant: This module covers the concepts and law surrounding commercial lease practice and rent reviews/lease negotiation, from both a landlord's and tenant's perspective.
Students develop an understanding of the legal background to the landlord and tenant relationship and its application in practice.
• Planning in Practice: This module provides an overview of the planning system in England and Wales.
It examines the role of planners in practice and the role of planning in the property development process.
• Property Investment Portfolio Analysis: This module acquaints students with integrated theoretical and practical concepts and knowledge on property investment.
It examines changing legislation and regulations relating to the management of property as a financial and investment asset amongst alternative investment vehicles and how investment theories can apply in the global property market.

Assessment:

Students are assessed through a variety of techniques, including coursework in the form of essays, reports, presentations, case studies, time-constrained in-class tests, and exams. Assessments are designed to be practical and relevant, incorporating the type of work required by future employers, such as valuation reports, technical reports, and presentations.

Teaching:

The program utilizes a variety of teaching methods, including lectures, seminars, case study analysis, project work, and workshops. This approach allows students to apply their studies to real-world experience, developing their understanding of the links between subjects and their presentation, writing, and team-working skills. The program adopts a problem-based approach to learning, drawing on real-life situations encountered in professional life. For example, students may consider a past compulsory purchase while studying the 1925 Law of Property Act to determine involved rights and responsibilities or hear directly from a solicitor who deals with related issues daily. Students have opportunities to gain valuable insights from current practitioners through guest lectures from RICS, Cushman & Wakefield, Savills, and Chase and Partners. Site visits to various organizations and businesses are also incorporated where possible. The program is taught by staff with extensive experience in surveying, property lending, corporate acquisition, property training, and development consultancy for and on behalf of local authorities and housing associations. Part-time students currently working in the industry often bring live scenarios they are tackling into the classroom.

Careers:

Graduates from this program find employment opportunities in the public, private, and not-for-profit sectors. Previous students have undertaken roles in property development, valuation, law, finance and investment, as well as property management for major property firms, such as Cushman and Wakefield, Savills, Knight Frank, and other property development and consultancy companies within Greater London and surrounding areas. The RICS accreditation enables graduates to take the Professional Assessment of Competence after a period of suitable employment. This, coupled with relationships with other professional bodies and alumni, provides access to excellent networking opportunities with city and suburban property firms.

Other:

• The program is designed with input from industry professionals and receives ongoing feedback from the School's Employability Advisory Board.
• The University of Westminster hosts an Annual Property and Construction Careers Fair, which attracts leading employers in the property and construction sector.
• The program develops students' cultural intelligence (CQ) through a multicultural learning experience with students and staff representing over 100 nationalities.
• The Westminster Employability Award allows students to formally document and demonstrate their personal and professional development activities and achievements.