This is the first book to not only review the place of financial feasibility studies in the property development process, but to examine both the theory and mechanics of feasibility studies though the construction of user friendly examples using Microsoft Excel and two of the most commonly used proprietary software systems, Argus Developer and Estate Master DF. The development process has seen considerable changes in practice in recent years as developers and advisors have adopted modern spread sheets and proprietary software models to carry out feasibility studies and appraisals. This has greatly extended their ability to model more complex developments and more sophisticated funding arrangements, saving time and improving accuracy. Arguably the key tool in the development process, the financial feasibility study brings together the key components and assumptions of the proposed development to assess the projects viability and determine the maximum bid that can be made for a development site. It is thus of vital importance to the basic decision as to whether to develop or not. Such studies are used as tools for shaping and informing the design of the project, testing the effects of form, specification, building type and mix on the development returns. They frequently form the basis of the methods used for monitoring the development when it moves from the planning to the implementation of the scheme. Tim Havard brings over 25 years of industry and software experience to guide students and practitioners through the theory of development appraisals and feasibility studies before providing internationally applicable worked examples and potential pitfalls using Excel, Argus Developer and Estates Master DF.