8 Errol Street, FOOTSCRAY VIC 3011
Development Feasibility Analysis in Footscray, VIC
At 368 sqm, this NRZ1 block in Footscray is one of the smaller sites in this analysis. A duplex is assessed at a total cost of $2.35 million, with each dwelling valued at $846,000 producing revenue of $1.69 million. The land cost of $834,000 is high for a site this size, and the project records a net loss of $659,789, a negative margin of 28.1%.
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Frequently Asked Questions
Why is the loss on this Footscray site larger than at 113 Droop Street?
Land at $834,000 is significantly higher than $660,000 at the Droop Street site. Both support only a duplex at the same sale price, so the larger land cost amplifies the loss.
What revenue is generated by a Footscray duplex?
$1,692,000. Two dwellings at $846,000 each.
How does NRZ1 affect development potential here?
NRZ1 restricts the site to two dwellings. A larger or differently zoned site would allow more dwellings and reduce the land cost per unit.
At what land cost would this project be profitable?
To achieve a 15% margin, total project costs must not exceed $1.47 million. Given construction costs for a duplex of roughly $900,000 to $1 million, land would need to be under $500,000, well below the assessed $834,000.
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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).