Feasibility & Model Inputs

Legend
Input
Formula

Property Particulars
Site Specifics
Address <Enter Address Here>
Site Area 2,251 m²
Project Size 148
8,760 m²
0 m²
8,760 m²
2,156 m²
10,916 m²

General
Date of First Period
Goods & Services Tax (GST)
Apply Margin Scheme
Project Contingency

Inputs
Land Purchase Price & Acquisition Costs
Purchase Price
Deposit
Settlement (Balance)
Stamp Duty
Legal Fees
Other Fees
Joint Venture Documents
Total Land Purchase Price & Acquisition Costs

Professional Fees
Architect
Structural & Civil Engineer
Services Engineer
Interior Designer
Landscape Architect
Planning Consultant
Traffic Engineer
Urban Design
Waste Management Consultant
Planning Tribunal - Expert Witnesses
Planning Tribunal - Legal Fees
DDA Consultant
Acoustic Consultant
Building Surveyor
ESD Report
Fire Engineer Report
Plan of Subdivision
Facade Consultant
THSA Report
Environmental Audit
Environmental Consultant
Geotechnical Report
Dilapidation Report
Hazardous Materials Audit
Site Survey
<Add Consultant>
<Add Consultant>
<Add Consultant>
<Add Consultant>
Development Management Fees 1.20% of GRV
Total Professional Fees

Construction Costs
Demolition
Retail 0 m²
NSA 8,760 m²
Car Parking 2,156 m²
Contamination Allowance
Infrastructure Charges
Services / Headworks Allowance
Construction Contingency
Total Construction Costs excl. Contingency

Total Construction Costs inc. Contingency

Legal & Accounting Fees

Construction Contract
Hotel Management Agreement (HMA)
Other Fees
Bookkeeping
Total Legal & Accounting Fees

Statutory & Authority Fees

Building Levy
Relocation of Powerlines
Headworks - Contingency
Open Space Contribution
Portable Long Service Levy
Planning Permit Fees
Substation
Metro Planning Levy
Contingency
Total Statutory & Authority Fees

Leasing, Marketing & Incentives

FF&E
Gym Equipment
Operator Search
Pre-Open Expenses
Operator Fees
Contingency
Total Leasing, Marketing & Incentives

Land Holding Costs

Council Rates
Electricity
Gas
Land Tax
Water Rates
Total Land Holding Costs

Financing Costs
Drawdown Fee
Legal Fees (Bank)
Valuation
Quantity Surveyor - Initial Report
Quantity Surveyor - Monthly Fee
Total Financing Costs

Project Contingency

Total Project Costs (Ex. Interest & Fees)

Total Project Costs (Inc. Interest & Fees)

Cost Escalation
Construction Costs (To construction start)
All Other Costs

Revenue Assumptions
Sales
Capital Value at Stabilisation (As if complete)
Cap Rate
Gross End Value (Rounded)

Selling Costs - Disposal of Asset

Sales Commissions
Total Selling Costs - Disposal of Asset

GST Payments
Net Revenue

Average Value / Room

Financing, Project IRR & Waterfall

Net Cash Flow (Before Interest & Fees)
Cumulative NCF

Gearing & Metrics - Construction Loan

Equity as % of Total Costs 25.56%
Senior Loan as % of Total Costs 65.41%
Amount Required 100.00%
Variance -9.02%

Developer's Equity
Equity Contribution / Expenditure
Repayments
Cash Flow
Cumulative

Construction Loan
Loan Duration (Months)
Facility Limit
Total Drawdown
Interest Rate
Application Fee
Line Fee
Total Costs

Expenditure
Repayments
Cash Flow
Cumulative

Net Cash Flow (After Interest & Fees)

Cumulative NCF

Cumulative Project Cash Flow

15,000,000

10,000,000

5,000,000

(5,000,000)

(10,000,000)

(15,000,000)
2023 2024

Construction Cost S-Curve & Interest Calculation

S-Curve Ramp Up #
Site Preparation 1
Demolition & Remediation 1
Earthworks & Retention 2
Basement Works 2
Above Ground Works 11
Fitout / FF&E 6
Landscaping & Handover 1
Total
Check

Stage Period
Site Preparation 1
Demolition & Remediation 2
Earthworks & Retention 3
Earthworks & Retention 4
Basement Works 5
Basement Works 6
Above Ground Works 7
Above Ground Works 8
Above Ground Works 9
Above Ground Works 10
Above Ground Works 11
Above Ground Works 12
Above Ground Works 13
Above Ground Works 14
Above Ground Works 15
Above Ground Works 16
Above Ground Works 17
Fitout / FF&E 18
Fitout / FF&E 19
Fitout / FF&E 20
Fitout / FF&E 21
Fitout / FF&E 22
Fitout / FF&E 23
Landscaping & Handover 24

Total

GST Payable on Income

Total Gross Revenue 50,000,000
less Margin Scheme Adjustment -
Income Subject to GST 50,000,000
GST Payable on Income -
 Programme
2023 2024 2025
Address Here> Land Setlement Yes No No
Planning Yes Yes No
Units Construction No Yes Yes
Hotel Net Area Operator Search No Yes No
Retail Net Area Completion No No No
Total Net Sellable Area (NSA) Total Yes Yes Yes
Car Parking Opening Year 202
Total Gross Floor Area (GFA) Years to Stabilise

May 2023
0.0%
No
0.0%

Cash Flow Periods

2023 2024 2025
2,290,000
10% 229,000 0 Yes No No
2,061,000 0 Yes No No
5.5% 125,950 0 Yes No No
40,000 0 Yes No No
10,000 0 Yes No No
- 0 Yes No No
2,465,950

0 2023 2024 2025

3.50% of construction costs 1,088,889 0 Yes Yes Yes
0.40% of construction costs 124,444 0 Yes Yes No
0.50% of construction costs 155,556 0 Yes Yes No
- 0 Yes Yes No
15,000 0 Yes No No
20,000 0 Yes No No
5,000 0 Yes No No
40,000 0 Yes No No
4,000 0 Yes No No
- 0 Yes Yes No
- 0 Yes Yes No
- 0 Yes No No
3,000 0 Yes Yes No
40,000 0 No Yes Yes
- 0 Yes No No
15,000 0 Yes No No
12,500 0 No Yes No
- 0 Yes Yes No
30,000 0 Yes No No
- 0 Yes No No
- 0 Yes No No
 7,000 0 Yes No No
- 0 Yes No No
- 0 Yes No No
5,000 0 Yes No No
- 0 Yes No No
- 0 Yes No No
- 0 Yes No No
- 0 Yes No No
12,500 /month 600,000 0 Yes Yes Yes
6.96% of Construction Costs (Ex. Contingency) 2,165,389

0 2023 2024 2025

80,000 0 No Yes No
0 /m² - 0 No Yes Yes
3,000 /m² 26,280,000 0 No Yes Yes
1,800 /m² 3,880,800 0 No Yes No
- 0 No Yes No
4,191 /unit 620,321 No Yes No
250,000 0 No Yes No
5.00% of construction costs 1,555,556 0 No Yes Yes
2,850 /m² GFA 31,111,121
3,551 /m² NSA
2,993 /m² GFA 32,666,677
3,729 /m² NSA

2023 2024 2025

15,000 0 No Yes No
25,000 0 No No No
30,000 0 Yes Yes Yes
500 /month 24,000 0 Yes Yes Yes
94,000

2023 2024 2025

0.25% of construction costs 77,778 0 No Yes Yes
- 0 No Yes No
- 0 No Yes No
0.00% of purchase price - 0 No Yes No
150,000 No Yes No
25,000 0 Yes No No
- 0 No Yes No
40,444 0 Yes No No
25,000 0 No Yes Yes
318,222

2023 2024 2025

2,400,000 0 No No No
75,000 0 No No No
150,000 0 No Yes No
75,000 0 No No No
75,000 0 No No No
50,000 0 Yes Yes Yes
19,088 /room 2,825,000
5.7% of GRV

2023 2024 2025

1,850 /quarter 7,400 0 Yes Yes Yes
680 /quarter 2,720 0 Yes Yes Yes
 0 /quarter - 0 Yes Yes Yes
0.50% 11,404 0 Yes Yes Yes
720 /quarter 2,880 0 Yes Yes Yes
24,404

2023 2024 2025

200 /month 7,200 0 No Yes Yes
20,000 0 No Yes No
30,000 0 No Yes No
12,000 0 No Yes No
1,800 /month 64,800 0 No Yes Yes
134,000

41,193,643###
42,960,539###

0 2023 2024 2025

0 0.0% 0.0% 0.0%
0 0.0% 0.0% 0.0%

2023 2024 2025

2,990,947 0
6.00%
50,000,000 No No No

2023 2024 2025

1.00% of End Value 500,000 0 No No No
500,000

- 0 No No No

337,838
0

11,000,000
28,150,000
43,033,752
(3,883,752)

2023 2024 2025

11,000,000

2023 2024 2025

24
28,150,000 0 No Yes Yes
30,266,856
 2.35% 711,271 0 No Yes Yes
0.00% - 0 No Yes No
1.25% 1,055,625 0 No Yes Yes

2024 2025

Developer's Equity Construction Loan Drawdown

% of Total Costs
0.5%
1.0%
2.0%
4.0%
75.5%
15.0%
2.0%
100.0%
OK

Drawdown Drawdown Cum. IR Interest

151,334 0.5% 0.5% 2.4% 3,556
302,669 1.0% 1.5% 2.4% 7,113
302,669 1.0% 2.5% 2.4% 7,113
302,669 1.0% 3.5% 2.4% 7,113
605,337 2.0% 5.5% 2.4% 14,225
605,337 2.0% 7.5% 2.4% 14,225
2,077,407 6.9% 14.4% 2.4% 48,819
2,077,407 6.9% 21.2% 2.4% 48,819
2,077,407 6.9% 28.1% 2.4% 48,819
2,077,407 6.9% 35.0% 2.4% 48,819
2,077,407 6.9% 41.8% 2.4% 48,819
2,077,407 6.9% 48.7% 2.4% 48,819
2,077,407 6.9% 55.5% 2.4% 48,819
2,077,407 6.9% 62.4% 2.4% 48,819
2,077,407 6.9% 69.3% 2.4% 48,819
2,077,407 6.9% 76.1% 2.4% 48,819
2,077,407 6.9% 83.0% 2.4% 48,819
756,671 2.5% 85.5% 2.4% 17,782
756,671 2.5% 88.0% 2.4% 17,782
756,671 2.5% 90.5% 2.4% 17,782
756,671 2.5% 93.0% 2.4% 17,782
756,671 2.5% 95.5% 2.4% 17,782
756,671 2.5% 98.0% 2.4% 17,782
605,337 2.0% 100.0% 2.4% 14,225
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
30,266,856 100.0% 711,271
2026 2027
No No
No No
Yes No
No No
Yes No
Yes No
2026
3

Cash Flow (Annual)

2026 2027 2023 2024 2025 2026

No No 1 229,000 - - -
No No 1 2,061,000 - - -
No No 1 125,950 - - -
No No 1 40,000 - - -
No No 1 10,000 - - -
No No 1 - - - -
2,465,950 - - -

2026 2027 0 2023 2024 2025 2026

Yes No 4 272,222 272,222 272,222 272,222
No No 2 62,222 62,222 - -
No No 2 77,778 77,778 - -
No No 2 - - - -
No No 1 15,000 - - -
No No 1 20,000 - - -
No No 1 5,000 - - -
No No 1 40,000 - - -
No No 1 4,000 - - -
No No 2 - - - -
No No 2 - - - -
No No 1 - - - -
No No 2 1,500 1,500 - -
No No 2 - 20,000 20,000 -
No No 1 - - - -
No No 1 15,000 - - -
No No 1 - 12,500 - -
No No 2 - - - -
No No 1 30,000 - - -
No No 1 - - - -
No No 1 - - - -
No No 1 7,000 - - -
No No 1 - - - -
No No 1 - - - -
No No 1 5,000 - - -
No No 1 - - - -
No No 1 - - - -
No No 1 - - - -
No No 1 - - - -
Yes No 4 150,000 150,000 150,000 150,000
704,722 596,222 442,222 422,222

2026 2027 0 2023 2024 2025 2026

No No 1 - 80,000 - -
Yes No 3 - - - -
Yes No 3 - 8,760,000 8,760,000 8,760,000
No No 1 - 3,880,800 - -
No No 1 - - - -
No No 1 - 620,321 - -
No No 1 - 250,000 - -
Yes No 3 - 518,519 518,519 518,519
- 13,591,121 8,760,000 8,760,000

- 14,109,640 9,278,519 9,278,519

2026 2027 2023 2024 2025 2026

No No 1 - 15,000 - -
Yes No 1 - - - 25,000
Yes No 4 7,500 7,500 7,500 7,500
Yes No 4 6,000 6,000 6,000 6,000
13,500 28,500 13,500 38,500

2026 2027 2023 2024 2025 2026

Yes No 3 - 25,926 25,926 25,926
No No 1 - - - -
No No 1 - - - -
No No 1 - - - -
No No 1 - 150,000 - -
No No 1 25,000 - - -
No No 1 - - - -
No No 1 40,444 - - -
Yes No 3 - 8,333 8,333 8,333
65,444 184,259 34,259 34,259

2026 2027 2023 2024 2025 2026

Yes No 1 - - - 2,400,000
Yes No 1 - - - 75,000
No No 1 - 150,000 - -
Yes No 1 - - - 75,000
Yes No 1 - - - 75,000
Yes No 4 12,500 12,500 12,500 12,500
12,500 162,500 12,500 2,637,500

2026 2027 2023 2024 2025 2026

Yes No 4 7,400 7,400 7,400 7,400
Yes No 4 2,720 2,720 2,720 2,720
Yes No 4 - - - -
Yes No 4 11,404 11,404 11,404 11,404
Yes No 4 2,880 2,880 2,880 2,880
24,404 24,404 24,404 24,404

2026 2027 2023 2024 2025 2026

Yes No 3 - 2,400 2,400 2,400
No No 1 - 20,000 - -
No No 1 - 30,000 - -
No No 1 - 12,000 - -
Yes No 3 - 21,600 21,600 21,600
- 86,000 24,000 24,000

- - - -

### 3,286,521 15,191,526 9,829,404 12,959,404

### 3,286,521 15,889,661 10,532,065 13,325,505

2026 2027 0
0.0% 0.0% 0
0.0% 0.0% 0

2026 2027 2023 2024 2025 2026

0
0
Yes No 1 - - - 50,000,000

2026 2027 2023 2024 2025 2026

Yes No 1 - - - 500,000
- - - 500,000

Yes No 1 - - - -
- - - 49,500,000

0
2023 2024 2025 2026
(3,286,521) (15,191,526) (9,829,404) 36,540,596
(3,286,521) (18,478,047) (28,307,451) 8,233,144

2026 2027 2023 2024 2025 2026

(3,286,521) (7,713,479) - -
- - - 21,350,000
(3,286,521) (7,713,479) - 21,350,000
(3,286,521) (11,000,000) (11,000,000) 10,350,000

2026 2027 2023 2024 2025 2026

Yes No - (7,478,047) (9,829,404) (12,959,404)

 Yes No 3 - 346,260 350,786 14,225
No No 1 - - - -
Yes No 3 - 351,875 351,875 351,875
- 698,135 702,661 366,100

- (7,478,047) (9,829,404) (12,959,404)

- - - 28,150,000
- (7,478,047) (9,829,404) 15,190,596
- (7,478,047) (17,307,451) (2,116,856)

(3,286,521) (15,889,661) (10,532,065) 40,058,247

(3,286,521) (19,176,182) (29,708,247) 10,350,000

2026 2027

Drawdown

Interest IR by Year
3,556 2024
S-Curve
7,113 2024
7,113 2024 100.0%
7,113 2024
14,225 2024
90.0%

80.0%
 S-Curve
100.0%

14,225 2024 90.0%

48,819 2024
48,819 2024
80.0%
48,819 2024
48,819 2024
48,819 2024 70.0%
48,819 2024
48,819 2025
48,819 2025 60.0%
48,819 2025
48,819 2025
50.0%
48,819 2025
17,782 2025
17,782 2025 40.0%
17,782 2025
17,782 2025
17,782 2025 30.0%
17,782 2025
14,225 2026
20.0%

10.0%

0.0%

711,271 0
2027

-
-
-
-
-
-
-

2027
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
 -
-
-
-
-
-
-
-
-
-

2027
-
-
- 2024 2025 2026
-
-
-
-
-
-

2027
-
-
-
-
-

2027
-
-
-
-
-
-
-
-
-
-

2027
-
-
-
-
-
-
-

2027
-
-
 -
-
-
-

2027
-
-
-
-
-
-

-
-

2027

2027
-
-

-
-

2027
-
8,233,144

2027
-
-
-
10,350,000

2027

-
 -
-
-
-

-
-
-
(2,116,856)

-
10,350,000
Hotel Assumptions
Number of Rooms 148
Room Density (People) 1.3
Current Room Rate $190
F&B Spend per Guest (per night) $50
Carparking Spend per Room (per night) $10

Open Stabilisation
Year 1 Year 3 % p.a.
Expenses
Rooms 35.00% 30.00% 2.50%
F&B 85.00% 80.00% 2.50%
Parking 75.00% 70.00% 2.50%
Other (Conferences, etc.) 80.00% 75.00% 2.50%
Operating Expenses
Administration & General 7.00% 6.00% 0.50%
Sales & Marketing 7.50% 7.25% 0.13%
Property Operations & Maintenance 4.00% 3.00% 0.50%
IT Costs 1.50% 1.25% 0.12%
Utilities 3.50% 3.00% 0.25%
Occupancy
Administration & General 65.0% 80.0% 7.50%

Profit & Loss

Year 1 Year 2 Year 3 Year 4 Year 5
Days in Year 365 365 365 365 365
Room Inventory 148 148 148 148 148
Rooms Available 54,020 54,020 54,020 54,020 54,020
Occupancy % 65.0% 72.5% 80.0% 80.0% 80.0%
Rooms Occupied 35,113 39,165 43,216 43,216 43,216
Number of Guests 45,647 50,914 56,181 56,181 56,181
Average Daily Rate (ADR) $190 $196 $202 $208 $214
Change from previous year 3.00% 3.00% 3.00% 3.00%
RevPar $124 $142 $161 $166 $171
Change from previous year 14.88% 13.66% 3.00% 3.00%

Year 1 Year 2 Year 3 Year 4 Year 5

2026 2027 2028 2029 2030
Revenue Amount PAR POR % Total Amount PAR POR % Total Amount PAR POR % Total Amount PAR POR % Total Amount PAR POR % Total
Revenue Growth Rate 3.00% 3.00% 3.00% 3.00%
Rooms $6,671,470 $124 $190 70.62% $7,664,493 $142 $196 70.73% $8,711,092 $161 $202 70.82% $8,972,425 $166 $208 70.82% $9,241,598 $171 $214 70.82%
F&B $2,282,345 $42 $65 24.16% $2,622,063 $49 $67 24.20% $2,980,111 $55 $69 24.23% $3,069,514 $57 $71 24.23% $3,161,599 $59 $73 24.23%
Parking $351,130 $7 $10 3.72% $403,394 $7 $10 3.72% $458,479 $8 $11 3.73% $472,233 $9 $11 3.73% $486,400 $9 $11 3.73%
Other (Conferences, etc.) $142,000 $3 $4 1.50% $146,260 $3 $4 1.35% $150,648 $3 $3 1.22% $155,167 $3 $4 1.22% $159,822 $3 $4 1.22%
Total Revenue $9,446,945 $175 $269 100.00% $10,836,210 $201 $277 100.00% $12,300,329 $228 $285 100.00% $12,669,339 $235 $293 100.00% $13,049,419 $242 $302 100.00%

Departmental Expenses Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev
Expense Growth Rate 3.00% 3.00% 3.00% 3.00%
Rooms $2,335,015 $43 $67 35.00% $2,565,689 $47 $66 32.50% $2,691,728 $50 $69 30.00% $2,772,479 $51 $71 30.00% $2,855,654 $53 $73 30.00%
F&B $1,939,993 $36 $55 85.00% $2,228,098 $41 $57 82.50% $2,455,611 $45 $63 80.00% $2,529,279 $47 $65 80.00% $2,605,158 $48 $67 80.00%
Parking $263,348 $5 $8 75.00% $301,235 $6 $8 72.50% $330,563 $6 $8 70.00% $340,480 $6 $9 70.00% $350,694 $6 $9 70.00%
Other (Conferences, etc.) $113,600 $2 $3 80.00% $116,752 $2 $3 77.50% $116,375 $2 $3 75.00% $119,867 $2 $3 75.00% $123,463 $2 $3 75.00%
Total Departmental Expenses $4,651,955 $86 $132 49.24% $5,211,774 $96 $133 48.10% $5,594,277 $104 $143 45.48% $5,762,105 $107 $147 45.48% $5,934,969 $110 $152 45.48%

Profit Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin
Rooms $4,336,456 $80 $124 65.00% $5,098,804 $94 $130 66.53% $6,019,365 $111 $139 69.10% $6,199,946 $115 $143 69.10% $6,385,944 $118 $148 69.10%
F&B $342,352 $6 $10 15.00% $393,965 $7 $10 15.02% $524,499 $10 $12 17.60% $540,234 $10 $13 17.60% $556,441 $10 $13 17.60%
Parking $87,783 $2 $3 25.00% $102,160 $2 $3 25.32% $127,916 $2 $3 27.90% $131,753 $2 $3 27.90% $135,706 $3 $3 27.90%
Other (Conferences, etc.) $28,400 $1 $1 20.00% $29,508 $1 $1 20.18% $34,272 $1 $1 22.75% $35,301 $1 $1 22.75% $36,360 $1 $1 22.75%
Gross Operating Income (GOI) $4,794,990 $89 $137 50.76% $5,624,436 $104 $144 51.90% $6,706,052 $124 $155 54.52% $6,907,234 $128 $160 54.52% $7,114,451 $132 $165 54.52%

Operating Expenses Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev
Operating Expenses Growth Rate 3.00% 3.00% 3.00% 3.00%
Administration & General $661,286 $12 $19 7.00% $725,484 $13 $19 6.50% $760,160 $14 $19 6.00% $782,965 $14 $20 6.00% $806,454 $15 $21 6.00%
Sales & Marketing $708,521 $13 $20 7.50% $823,146 $15 $21 7.38% $918,527 $17 $23 7.25% $946,083 $18 $24 7.25% $974,465 $18 $25 7.25%
Property Operations & Maintenance $377,878 $7 $11 4.00% $390,645 $7 $10 3.50% $380,080 $7 $10 3.00% $391,483 $7 $10 3.00% $403,227 $7 $10 3.00%
IT Costs $141,704 $3 $4 1.50% $153,468 $3 $4 1.38% $158,367 $3 $4 1.25% $163,118 $3 $4 1.25% $168,011 $3 $4 1.25%
Utilities $330,643 $6 $9 3.50% $362,742 $7 $9 3.25% $380,080 $7 $10 3.00% $391,483 $7 $10 3.00% $403,227 $7 $10 3.00%
Total Operating Expenses $2,220,032 $41 $63 23.50% $2,455,485 $45 $63 22.66% $2,597,215 $48 $66 23.97% $2,675,131 $50 $68 24.69% $2,755,385 $51 $70 25.43%

Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin
EBITDA (Before Fees) $2,574,958 $48 $73 27.26% $3,168,951 $59 $81 29.24% $4,108,838 $76 $89 33.40% $4,232,103 $78 $92 33.40% $4,359,066 $81 $94 33.40%

Management Fees Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev
Operator Base Management Fee $165,322 $3 $5 1.75% $189,634 $4 $5 1.75% $215,256 $4 $5 1.75% $221,713 $4 $5 1.75% $228,365 $4 $5 1.75%
Incentive Fee (% of EBITDA ex. Fees) $180,247 $3 $5 7.00% $221,827 $4 $6 7.00% $287,619 $5 $7 7.00% $296,247 $5 $7 7.00% $305,135 $6 $7 7.00%
Total Management Fees $345,569 $6 $10 3.66% $411,460 $8 $11 3.80% $502,874 $9 $12 4.09% $517,961 $10 $12 4.09% $533,499 $10 $12 4.09%

Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin
EBITDA (Before FF&E) $2,229,389 $41 $63 23.60% $2,757,491 $51 $70 25.45% $3,605,963 $67 $77 29.32% $3,714,142 $69 $80 29.32% $3,825,566 $71 $82 29.32%

FF&E Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev
Reserve for Replacement $94,469 $2 $3 1.00% $216,724 $4 $6 2.00% $369,010 $7 $9 3.00% $380,080 $7 $9 3.00% $391,483 $7 $9 3.00%

Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin
EBITDA (Before Holding Costs) $2,134,920 $40 $61 22.60% $2,540,767 $47 $65 23.45% $3,236,953 $60 $75 26.32% $3,334,062 $62 $77 26.32% $3,434,084 $64 $79 26.32%

Hotel Owner Expenses Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev Amount PAR POR % Rev
Council Rates & Taxes $94,469 $2 $3 1.00% $108,362 $2 $3 1.00% $123,003 $2 $3 1.00% $126,693 $2 $3 1.00% $130,494 $2 $3 1.00%
Land Tax $0 $0 $0 0.00% $0 $0 $0 0.00% $0 $0 $0 0.00% $0 $0 $0 0.00% $0 $0 $0 0.00%
Insurance $94,469 $2 $3 1.00% $108,362 $2 $3 1.00% $123,003 $2 $3 1.00% $126,693 $2 $3 1.00% $130,494 $2 $3 1.00%
Building Insurance $0 $0 $0 0.00% $0 $0 $0 0.00% $0 $0 $0 0.00% $0 $0 $0 0.00% $0 $0 $0 0.00%
Total Fixed Expenses $188,939 $3 $5 2.00% $216,724 $4 $6 2.00% $246,007 $5 $6 2.00% $253,387 $5 $6 2.00% $260,988 $5 $7 2.00%

Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin Amount PAR POR % Margin
EBITDA $1,945,981 $36 $55 20.60% $2,324,042 $43 $59 21.45% $2,990,947 $55 $69 24.32% $3,080,675 $57 $71 24.32% $3,173,095 $59 $73 24.32%
2026 2027 2028 2029 2030
Estimated Gross Value $32,433,013 $38,734,040 $49,849,113 $51,344,586 $52,884,924

Valuation
Market Capitalisation Approach
EBITDA (Year 4) $3,080,675
Cap Rate 6.00%
Gross Realisable Value (GRV) $51,344,586
- Selling Costs @ 1% $513,446
- Acquisition Costs @ 5% $2,567,229
End Value $48,263,911

Discounted Cash Flow (DCF)

Discount Rate 10.00%
Present Value of EBITDA $8,041,055
PV of End Value $46,676,897
Total Net Present Value $54,717,951

Estimated Value
Rounded End Value $51,000,000

Operational Cash Flow

Year EBITDA
2026 $1,945,981
2027 $2,324,042
2028 $2,990,947
2029 $3,080,675
2030 $54,717,951
Summary & Returns
Outputs - Development Phase
Summary
Revenue
Gross Revenue 50,000,000
less Selling Costs 500,000
Net Revenue (ex. GST) 49,500,000
less GST paid on Revenue -
Net Revenue (inc. GST) 49,500,000

Costs
Total Development Costs (inc. Interest & Fees) 43,033,752

Key Metrics
Net Development Profit/Loss 6,466,248
Development Margin 15.03%

Residual Land Value Based on target margin of 20% 8,606,750

Variance 6,316,750

Project IRR 15.25%

Equity IRR 32.91%

Equity Contribution 11,000,000
Cash X Return 0.59x

Sensitivity Analysis
Step 2.50%

Net Revenue Total Project Costs (Inc. Interest & Fees)

40,908,960 41,957,908 43,033,752

47,055,938 6,146,977 5,098,029 4,022,186

48,262,500 7,353,540 6,304,592 5,228,748
49,500,000 8,591,040 7,542,092 6,466,248
50,737,500 9,828,540 8,779,592 7,703,748
52,005,938 11,096,977 10,048,029 8,972,186

Outputs - Hold Phase (Ex. Interest & Fees)

Total Income (Ex. Final Year) 10,341,645
Total Return 22,025,845
Hold Phase Project IRR 8.90%
Equity Multiple - Total Project 2.00x

Combined Cash Flow

Development Phase 2023 2024
Total Development Costs (Inc. Interest) -3,286,521 -15,889,661
Hold Phase 2023 2024
EBITDA 0 0
Combined 2023 2024
-3,286,521 -15,889,661
Inc. Interest & Fees)
44,109,596 45,212,336

2,946,342 1,843,602
4,152,904 3,050,164
5,390,404 4,287,664
6,627,904 5,525,164
7,896,342 6,793,602

2025 2026 2027 2028

-10,532,065 -13,325,505 0 0
2025 2026 2027 2028
0 1,945,981 2,324,042 2,990,947
2025 2026 2027 2028
-10,532,065 -11,379,524 2,324,042 2,990,947
 2029 2030
0 0
2029 2030
3,080,675 54,717,951
2029 2030
3,080,675 54,717,951
Y/N Construction Stage
Yes Site Preparation
No Demolition & Remediation
Earthworks & Retention
Basement Works
Above Ground Works
Fitout / FF&E
Landscaping & Handover