Example

A 12-townhouse scheme, two stages.

From acquisition to final settlement — the full feasibility for a 12-townhouse scheme on a 2,400 m² site in suburban Melbourne.

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Site

2,400 m² site, suburban inner east Melbourne

Typology

12 × 3-bedroom townhouses, Torrens title, two construction stages

Units

12 dwellings, average 165 m², single garage each

Program

24 months — 4 month design, 14 month staged build, 6 month settlement

Numbers

The output set, in full.

Gross realisation value

$13.8M

Net realisation

$12.7M

Total development cost

$10.9M

Profit

$1.8M

Profit on cost

16.5%

Development margin

14.2%

Equity IRR

21.0%

Peak debt

$7.1M

Peak equity

$2.6M

Site and scheme

2,400 m² site, GRZ1, two stages of 6 dwellings each. Each townhouse is 3-bed, 165 m², with a single garage and small private courtyard.

Revenue

Townhouse pricing $1.15M each, sold as Torrens title. GRV $13.8M, net realisation $12.7M after 2.5% selling costs and minimal GST exposure on the resale of completed dwellings.

Costs

Land: $3.2M
Civils and shared infrastructure: $0.9M
Construction: $5.0M ($2,500/m² × 1,980 m² total GFA)
Professional fees: $0.45M
Contributions and authority fees: $0.55M
Finance costs: $0.55M
Selling and marketing: $0.35M

TDC $10.9M.

Result

Profit on cost 16.5%, IRR 21% — clears most boutique developer hurdles, particularly with the staged settlement releasing equity early.

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