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Retail feasibility, around anchor and specialty.

Neighbourhood centres, large-format and mixed-use podium. Anchor terms, specialty rent and the stabilised yield an institutional buyer expects.

  • Inputs7 blocks
  • Outputs8 metrics
  • CashflowMonthly
  • ScenariosPlanned

What this model does

Retail feasibility, end to end.

Decide whether the retail centre holds up at institutional cap rate. Anchor and specialty rent feed blended yield separately, not as a single rent line.

Calculation flow05 steps
  1. 01

    Scheme

    Site area, GFA, GLA, tenant mix and car parks captured.

  2. 02

    Cost stack

    Shell $/m², fit-out contribution, car park and contingency broken out.

  3. 03

    Stabilised NOI

    Anchor and specialty rent feed blended NOI; outgoings net of recovery.

  4. 04

    Exit value

    Cap rate applied to stabilised NOI for institutional exit.

  5. 05

    Returns

    Stabilised yield, development profit, equity IRR and peak debt returned.

Schema

Every input. Every output. In one view.

The full retail feasibility model schema. 7 input blocks feeding 8 output metrics, with the calculation engine in between.

Inputs07 blocks
  1. 01

    Site and GLA

    Site areaGFAGLATenant mixCar parks
  2. 02

    Land

    Land costStamp dutyAcquisition
  3. 03

    Construction

    Shell $/m²Fit-out contributionCar parkContingency
  4. 04

    Operating cost

    OutgoingsRecoveryManagementCapex reserve
  5. 05

    Leasing

    Anchor rentSpecialty rentIncentivesVacancy
  6. 06

    Finance and exit

    LVRInterestCap rateExit value
  7. 07

    Programme

    ConstructionLease-upOpeningStabilisation
Outputs08 metrics
Primary outputAt base case
Stabilised yield6.6%
MetricValue
  • Stabilised NOI$8.2M
  • Exit value$124.0M
  • Anchor rent$320 /m²
  • Specialty rent$780 /m²
  • Development profit$18.4M
  • Equity IRR16.2%
  • Peak debt$78.0M

Engine logic

Two engines. Scenarios and cashflow.

The two pieces that separate the retail feasibility from a spreadsheet. Scenarios that share one project, and a monthly cashflow wired to every input.

Scenarios01 / 02

Multiple scenarios, one project

Switchable in a click. No copied files.

  1. 01

    Anchor lease terms and specialty rent as scenario levers.

  2. 02

    Cap rate sensitivity on one project.

  3. 03

    Car park ratio and fitout contribution per scenario.

  4. 04

    Each scenario keeps its own tenant mix and vacancy assumption.

Cashflow02 / 02

Monthly cashflow, fully connected

Every input touches the schedule.

  1. 01

    Cashflow runs through construction and lease-up to opening.

  2. 02

    Anchor and specialty rent step in through lease-up curve.

  3. 03

    Outgoings net of recovery feeds stabilised NOI.

  4. 04

    Exit value applied at the cap rate at stabilisation.

Excel replacement

Where the workbook quietly fails.

Every row is a recurring failure mode of the retail feasibility spreadsheet, and how the model handles it once.

SpreadsheetPopurise model
  • 01Anchor and specialty in one rent lineAnchor and specialty as separate inputs
  • 02Fit-out contribution hidden in soft costsFit-out contribution as a leasing input
  • 03Car park ratio not modelledCar park ratio and cost as inputs

Use and verify

What it decides. What to check first.

The decisions the retail feasibility is built to support, alongside the things to verify before you trust it on a live deal.

What it decidesUse cases
  1. 01

    Lock the anchor

    Test anchor lease terms against stabilised yield. Decide what holds at exit.

  2. 02

    Tune the specialty mix

    Move specialty rent and vacancy as scenarios. See blended yield move.

  3. 03

    Size the car park

    Car park ratio as a margin lever. Move it and watch the answer respond.

  4. 04

    Price the fit-out contribution

    Fitout contribution as a real input. The margin reflects the deal.

Pre-flight checklist05 checks

  • Anchor and specialty rent as separate inputs.

  • Fitout contribution sits in leasing, not soft costs.

  • Outgoings recovery as gross-to-net, not a flat percentage.

  • Cap rate sensitivity as a scenario.

  • Car park ratio priced explicitly.

Worth checking before you stake a live deal on the retail feasibility.Register interest
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Questions

Retail feasibility, answered.

How Popurise handles the retail feasibility.

Is the retail model live today?

Not yet. Popurise is live for residential. Retail is on the expansion roadmap.

How are anchor and specialty modelled?

Anchor rent, specialty rent, incentives and vacancy live as separate inputs. Blended yield falls out.

Does it handle fit-out contribution?

Yes. Fit-out contribution sits alongside face rent, not in soft costs.

Can I sensitise the cap rate?

Yes. Cap rate sensitivity lives as a scenario.

Shape retail feasibility in Popurise.

Tell us how your team models this sector today. We are building it with the developers who will use it.

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