59 Leander Street, FOOTSCRAY VIC 3011
Development Feasibility Analysis in Footscray, VIC
This 307 sqm GRZ1 site in Footscray is modelled for a duplex at a total cost of $1.80 million. Revenue is $1.69 million at $846,000 per dwelling, producing a net loss of $103,312 and a negative margin of 5.8%. At $489,000, the land cost is the most affordable in the Footscray sample, bringing this project close to breakeven.
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Frequently Asked Questions
How does GRZ1 affect the development outcome compared to NRZ1 in Footscray?
GRZ1 allows more flexibility and potentially higher density. However, at 307 sqm, the site area is the main limiting factor regardless of zone, and only a duplex is modelled.
What is the net result on this project?
A loss of $103,312 on total costs of $1,795,312. Revenue of $1,692,000 results in a negative margin of 5.8%.
Is this site significantly different to the NRZ1 Footscray properties?
Yes. Land at $489,000 is considerably lower than the $660,000 to $834,000 range on the NRZ1 sites. The negative margin here is 5.8% compared to 24% to 28% on the NRZ1 blocks.
What sale price would be needed to achieve viability?
To reach a 15% margin, combined sale proceeds would need to be approximately $2.06 million, or $1,030,000 per dwelling, which is $184,000 above the current benchmark of $846,000.
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DISCLAIMER: This analysis is generated by automated algorithms for informational purposes only. It does not constitute financial, investment, or legal advice. Actual development costs, revenues, and returns may vary significantly from these estimates. Users should consult qualified professionals including a registered quantity surveyor, accredited town planner, and solicitor before making any investment decisions. DA Leads Australia Pty Ltd holds no Australian Financial Services Licence (AFSL) and is not authorised to provide financial product advice under the Corporations Act 2001 (Cth).