Example

A residential-led mixed-use scheme.

Apartments above ground-floor retail, with separate revenue and cost lines per use, and a single combined cashflow.

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Site

1,800 m² corner site, regional NSW main street

Typology

5-level mixed-use — ground floor retail (650 m² NLA), 4 levels apartments above (32 units)

Units

32 apartments + 4 retail tenancies

Program

30 months

Numbers

The output set, in full.

Residential GRV
$31.2M
Retail GRV (capitalised)
$8.4M
Total GRV
$39.6M
Total development cost
$33.1M
Profit
$3.9M
Profit on cost
11.8%
Development margin
9.8%
Equity IRR
16.2%

Site and scheme

Corner site fronting two streets, mixed-use zoning, 5 levels — ground floor retail, 4 levels of apartments. 32 apartments (mix of 1-bed and 2-bed), 4 retail tenancies (avg 162 m² NLA).

Revenue

Apartments sold individually for $31.2M GRV. Retail valued on a 6.25% cap rate against a $525k stabilised net income — capitalised to $8.4M and sold as a single asset on completion.

Result

Profit on cost 11.8% — softer than a pure residential scheme of the same size, but the retail income provides longer-term value to a held strategy. A second scenario holding the retail and selling the apartments lifts equity IRR if the hold horizon supports it.

Related

Apartment feasibility model
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