Phasing makes sense when: parts of the property are already lettable and can continue to generate rent through the build; cash flow benefits from spreading the cost; or the property needs decisions made over time about market positioning.

Phasing doesn’t make sense when: every trade ends up returning multiple times; the works are interdependent and have to be sequenced anyway; or the property would let cleanly after a single concentrated build.

The decision is project-specific. We test it as part of feasibility for landlord clients.