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A 20 MW facility, priced per MW.

Sample assumptions, the cost per megawatt that controls every other line, and the lease structure that turns a capex stack into a stabilised yield.

Scale20 MW IT load
Program36 months
Development profit$534.0M

02 / Sample assumptions

The market context behind the numbers.

Pricing benchmarks, build rates and finance terms used in this data centre example. Every one is editable in Popurise.

Assumption sheet07 lines

Cost per MW IT: $13.5M / MW
Land cost per MW: $1.6M / MW
Power tariff structure: Pass-through to tenant
Anchor lease: 15 years, escalations 3.5%
Stabilised rent: $245 / kW / month
Exit cap rate: 6.50%
Senior debt: 50% LVR, construction plus term-out

03 / Key inputs

The inputs that drive the deal.

Grouped the way Popurise groups them. Change a category, watch the data centre output set respond.

0104 items

Site and capacity

Site area: 32,000 m²
IT load: 20 MW
PUE design: 1.35
Grid connection: 33 kV dual feed

0206 items

Cost stack

Land: $32.0M
Civils and structure: $48.0M
Power and electrical: $98.0M
Cooling and mechanical: $56.0M
Fit-out and commissioning: $36.0M
Authority and contingency: $30.0M

0304 items

Revenue and timing

Stabilised rent: $58.8M pa
Recovery: Power and outgoings pass-through
Stabilised NOI: $54.2M pa
Lease commencement: Month 30

04 / Base case outputs

The output set, in full.

Every number a developer wants on the screen for a data centre deal, in one place.

Hero outputDevelopment profit

$534.0M

Secondary metrics08 lines

Total development cost
$300.0M
Stabilised NOI
$54.2M pa
Yield on cost
18.07%
Exit value
$834.0M
Development margin
64.0%
Equity IRR (sell on stabilisation)
26.4%
Peak debt
$150.0M
Cost per MW
$15.0M / MW

05 / Scenarios

Base, downside, stretch. Side by side.

Three scenarios on the same data centre project. No copied files. The decision is which one to take to investment committee.

Base case

base

20 MW signed pre-construction with hyperscale anchor.

Yield on cost18.07%
Equity IRR26.4%
Exit value$834.0M
Cost per MW$15.0M

Verdict

Pre-let removes lease-up risk. Returns are entirely a function of the build schedule.

Downside

downside

Anchor signs 12 MW. Remaining 8 MW takes 18 months to lease.

Yield on cost (stabilised)16.4%
Equity IRR18.1%
Exit value (yr 4)$786.0M
Peak debt$172.0M

Verdict

Returns still strong but capital is tied up longer. Watch interest reserves.

Stretch

stretch

Tariff support reduces power capex 8%, schedule pulls in 3 months.

Yield on cost19.7%
Equity IRR32.1%
Development profit$612.0M
Cost per MW$14.2M

Verdict

High end of plausible. Margin on this typology is more sensitive to schedule than rent.

06 / Decision takeaway

Data centres run on capacity, not square metres. The first decision is cost per megawatt. Everything else follows. A signed anchor lease moves the project from real estate risk to a construction execution problem.

Data centre feasibility solution

Open

Data centre feasibility model

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Questions

Data centre feasibility, answered.

How Popurise treats the data centre example you just read.

Are these numbers a quote?

No. The cost per MW is a market indicative benchmark and varies with grid, cooling and tenant brief.

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