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Valuing Development Sites Part 2: DCF Valuation


  • ⏰ Viewing Time: 2h:41m

  • 📊 Level: Intermediate

  • 🧑‍🏫 Educator: Phil Laney

  • 🌎 Region: UK & Europe

  • 📜 Certificate: Score over 70% on the final quiz.


This is the second of the 3 part development valuation series, teaching how to value development sites using Excel. Before attempting this course, make sure to have completed part 1 covering Residual Valuation.

When investors want to acquire a development site and work out accurately what they think the land value is, or they want to discuss a development loan with a lender, they will create a cash flow. This is a more complex and accurate tool than the Residual Valuation and takes longer to create. All professional investors will make a cash flow like this if they are buying a site.

This module will help you learn the skill of valuing a development site using DCF in Excel.

Key Learning Outcomes

By the end of this, you will be able to:

  1. Build a development cash flow model from scratch in Excel.

  2. Understand how to phase construction costs.

  3. Model unit sales that occur over time and hold the money in escrow.

  4. Value the land using a target IRR.

  5. Value the land using NPV.

  6. Value the land using a target Developer's Profit.

Your Instructor

Phil Laney is a real estate private equity investor in Europe with over 15 years of experience, $4bn+ of transactions, and his own fund. To be a successful investor or developer, you need to know more than just skills. You need to know how, why, and when to use those skills. Phil is passionate about teaching this full spectrum.

Getting Started

  • To begin learning, simply click Enroll above and get started.

  • You don't have a set time to complete this. Go as fast or slow as you like.

  • Once you have completed the final quizzes successfully, you will be awarded a certificate, which we recommend you upload to Linkedin to evidence your continued professional development.


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