15 Drake Court, MELTON VIC 3337
Development Feasibility Analysis in Melton, VIC
A 609 sqm GRZ1 block in Melton, this site is assessed for 6 apartments at a total cost of $3.55 million. Revenue at $354,112 per apartment totals $2.12 million, producing a net loss of $1.42 million and a negative margin of 40.1%. The GRZ1 zone allows apartments, but the Melton market cannot support the development cost at current sale prices.
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Frequently Asked Questions
What zone applies here and how does it compare to TRZ2 Melton sites?
GRZ1, General Residential Zone 1. Both GRZ1 and TRZ2 sites in Melton are modelled for apartments. The results are similarly poor due to the low apartment sale price of $354,112.
Why is 6 apartments assessed on a 609 sqm GRZ1 block?
The feasibility model assigns the development type based on zone and site area. At 609 sqm in GRZ1, apartment development is the modelled outcome.
What is the net loss on this project?
$1,421,755. Total costs are $3,546,427 against revenue of $2,124,672.
Is there a viable path for this site?
A lower-density development such as 2 or 3 townhouses may reduce construction costs sufficiently to approach viability, particularly if townhouse sale prices in Melton are higher than the apartment benchmark.
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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).