Remediating a site and supplying primary infrastructure can last between five and ten years. Development construction can take from three to 25 years

• Cash flows of a large project need to be managed over a long period.

• A significant amount of time may happen before the initial capital injection can be recouped in part or in full.

• Risk can be reduced and financial efficiency attained so that costs and value creation are aligned as closely as possible.

• Thorough modelling of public and private sector participation can help fund elements of a plan that cannot be commercially justified with a short investment horizon but that bring added value over the long run.

Careful engineering of the business model will be key to making development viable and to achieving environmental quality and broader social goals.

In a multi-phase development project, the value of the development can increase dramatically over time in response to creating a place with an identity.

This is particularly true where urban regeneration zones have tended to outperform adjacent areas. This requires initial investments in infrastructure, high-quality public realm and a range of amenities. To capture the value at later phases, a funding model needs to take a long-term view (Urban Regeneration Index 2007).