Board Dashboard  ·  Confidential
Talima Estate Board Dashboard
84 Lots · Whitby, Porirua · Fiso Investment Group
Data: Mar 2026
Budget vs Actual — as at March 2026
Total Budget (EW + S1)
$15.08M
Earthworks + Stage 1 Civils
Spent to Date
$1.25M
8.3% of combined budget
Remaining to Deploy
$13.83M
Apr 2026 → Mar 2027
Budget Variance
+$187K
✅ Under budget (projected)
Contract Progress
Earthworks Contractor (Bullocks) $940K / $8.64M
10.9% — ramping from Apr 2026
EW Associated Costs $106K / $534K
19.9%
Stage 1 Civils (not yet started) $0 / $4.56M
Contractor starts May/Jun 2026
S1 Associated Costs $153K / $1.35M
11.4%
Retentions Held (from contractor) ✓ Formula
Projected Final Cost $14,892,989
Budget Headroom $187,598
EW + Stage 1 — Spend to Date
Full Project — All Costs (ex. GST)
Civil Construction
$18.33M
SP1–SP6 all stages
Associated Dev Costs
$6.59M
Fees, consents, utilities
Land Cost
$3.31M
$39,395 per lot
Total All-In
$28.23M
$296,683 per lot (excl. interest)
Cost Breakdown — Development Estimate (Nov 2025)
Total Cost Categories
Civil Construction — Line Items
Section 1 — Civil Construction
Preliminary & General$2,037,119
Earthworks, Clearing & ESC$6,631,014
Pavement Construction$1,128,246
Concrete Works$698,931
Stormwater$2,217,565
Sanitary Sewer$1,041,262
Water Reticulation$678,595
Utility Services$803,005
Landscaping$946,789
Variations$64,361
Contingency (10%)$1,528,731
Inflation (~3% pa)$551,207
TOTAL SECTION 1 $18,326,825
Section 2 — Associated Development Costs
PCC Development Charges$2,681,835
Local Body / Consenting Fees$222,738
Power Reticulation (84 × $5k)$420,000
Telephone Reticulation (84 × $920)$77,280
Professional Fees$1,950,000
Development Management$640,000
Legal & Valuation$376,794
LINZ Fees$33,900
Contingency (10% on ETC)$192,018
TOTAL SECTION 2 $6,594,565
Land Cost$3,309,217
TOTAL ALL-IN (excl. interest) $28,230,607
Monthly Cash Flow — May 2025 to Mar 2027
Monthly Spend + Cumulative S-Curve
Actuals Forecast Cumulative
Actual Spend (May 25–Mar 26)
$1,251,785
11 months of project activity
Peak Monthly Spend (Forecast)
$1,965,500
Oct 2026 — EW + S1 simultaneous
Projected Completion
Mar 2027
Final contractor draws
Earthworks vs Stage 1 Civils — Monthly Split (Forecast)
Financing — Loan Facilities, Interest & Scenarios
Interest Rate Controls — adjust to run scenarios; updates all calculations live
CARL Rate (% pa)
Dev Fund Rate — Stage 1 (% pa)
Dev Fund Rate — Stage 2 (% pa)
Stage 2 Loan Amount ($)
Stage 2 loan = Dev Fund refinanced after Stage 1 payoff. Default $7.5M covers Stage 2 Civil + Assoc Dev. Draw period: 9 months (Apr 28 – Dec 28).
CARL Facility — Stage 1
$6,000,000
Rate: 5.22% pa · Peak draw Jul 26
Available for project: $3.2M
Utilisation (Jul 26)100%
$1.4M Shortfall ⚠️
Dev Fund — Stage 1
$11,000,000
Rate: 7.28% pa · Interest capitalised
Peak balance ~$10.1M (Mar 27)
Balance vs Limit (end 2027)97.7%
Repaid from S1 sales ✓
Dev Fund — Stage 2 (New)
$7,500,000
Rate: 7.28% pa · Draw: Apr 28–Dec 28
Refinanced after Stage 1 payoff
9-month draw period~$833K/mo
Repaid from S2 sales
Stage 1 Loan Balance Over Time — CARL & Dev Fund (Dec 25 → Mar 27)
Stage 1 — Monthly Interest Schedule (Dec 25 – Mar 27)
Month CARL Bal CARL Int Dev Fund Bal Dev Int Total Int
Interest on CARL = cash cost. Dev Fund interest capitalised to balance.
Stage 2 — Loan Draw & Interest Schedule (Apr 28 – Dec 28)
Month Draw Closing Bal Int (cap.) Cum. Balance
Assumes equal monthly draws over 9 months. Interest capitalised each month. All repaid from Stage 2 lot sales (Jan 29 – Dec 29).
Interest Cost Scenarios — Stage 1
ScenarioCARL RateDev FundTotal S1 Int
Each +1% adds ~$223K to Stage 1 interest.
Interest Coverage Ratio (Cash Basis)
ICR 2026 (Base Case)0.93× Below 1.0×
ICR 2027 (Base Case)0.35× Critical
Reliant on Whitby lot settlements for debt servicing through 2026–27.
Key Risks
🔴 HIGH — CARL Funding Shortfall
Only $3.2M of $6M CARL available for this project. Scheduled draws total $4.6M → $1.4M shortfall. Need to negotiate additional facility or find alternative bridge funding.
🔴 HIGH — Interest Rate Sensitivity
Use rate controls above to stress-test. Floating rates on CARL and Dev Fund create material exposure. Consider rate hedging (swap/cap) before drawdown.
🟡 MEDIUM — Dev Fund Headroom Tight (S1)
Dev Fund reaches ~$10.1M against $11M limit by Mar 27. Only $879K headroom at base rates. Any rate increase or delay could breach facility limit.
🟡 MEDIUM — Stage 2 Loan Refinancing
Stage 2 loan (~$7.5M) assumed to be refinanced from Dev Fund after Stage 1 payoff. Bank approval required. Market conditions in 2028 may affect rate.
🟢 LOW — EW Cost Overrun Risk
EW budget $9.17M with 10% contingency built in. Current projection $9.30M — within contingency. Monitor monthly.
Feasibility Analysis — Interactive
All figures update live. Prices incl. GST (÷1.15 for ex-GST). Use Cost Control Panel to run scenarios with directors.
Cost Control Panel — adjust from baseline for scenario analysis
Cost Line Baseline % Change $ Change Adjusted Δ vs Base
Earthworks (KBCL)$8,636,452$8,636,452
Civil Stage 1$4,563,922$4,563,922
Civil Stage 2$4,166,874$4,166,874
Assoc Dev — Stage 1$1,346,713$1,346,713
Assoc Dev — Stage 2$2,913,820$2,913,820
Land$3,309,217$3,309,217
Interest — Stage 1 (52.3%)$632,540$632,540
Interest — Stage 2 (47.7%)$577,767$577,767
PM Salary — Stage 1 ($15.3K/mo × 34 mo)$520,200$520,200
PM Salary — Stage 2 ($15.3K/mo × 24 mo)$367,200$367,200
Other Fixed (EW Assoc + Enabling Works + Other)$3,293,609— not adjustable —$3,293,609
TOTAL COSTS$30,328,314$30,328,314
% Change and $ Change are independent and cumulative: Adjusted = Baseline × (1 + %) + $. Both fields can be used simultaneously. Interest split by Stage 1/2 civil budget ratio (52.3% / 47.7%). PM Salary: $170K pa × 1.08 load = $183,600/yr = $15,300/mo. Stage 1: 34 months (May 25–Mar 28) = $520,200. Stage 2: 24 months (Apr 28–Mar 30) = $367,200.
Stage 1 — 35 Lots (Bayleys Jul 2025: $18.1M gross)
Lot Type / Pricing Lots Disc % Price (incl. GST) Revenue
STANDARD  398–699 sqm
Full Price $6,120,000
Discounted $0
PREMIUM  700–999 sqm
Full Price $7,800,000
Discounted $0
LARGE  1,000+ sqm
Full Price $4,320,000
Discounted $0
STAGE 1 TOTAL 35 lots $517K avg $18,240,000
Full Price: full lot price. Discounted: Price × (1 − Disc%). Each lot type shows both pricing rows.
Stage 2 — 49 Lots (Bayleys Jul 2025: $25.5M gross)
Lot Type / Pricing Lots Disc % Price (incl. GST) Revenue
STANDARD  398–699 sqm
Full Price $7,575,000
Discounted $0
PREMIUM  700–999 sqm
Full Price $10,400,000
Discounted $0
LARGE  1,000+ sqm
Full Price $7,490,000
Discounted $0
STAGE 2 TOTAL 49 lots $520K avg $25,465,000
Full Price: full lot price. Discounted: Price × (1 − Disc%). Each lot type shows both pricing rows.
Feasibility Summary
Stage 1 Revenue (incl. GST)
Stage 2 Revenue (incl. GST)
Total Gross (incl. GST)
Total Gross (ex. GST)
Earthworks
Civil Stage 1
Civil Stage 2
Assoc Dev — Stage 1
Assoc Dev — Stage 2
Land
Interest — Stage 1
Interest — Stage 2
PM Salary — Stage 1
PM Salary — Stage 2
Other Fixed($3,293,609)
Total Costs
Net Profit
Margin
Per Lot
Bayleys Reference (Jul 2025)
Stage 1$18,105,000 incl. GST
Stage 2$25,475,000 incl. GST
Combined$43,580,000 incl. GST
Price Sensitivity — Net Profit vs Price Movement
ScenarioPrice Adj.Total RevenueNet ProfitMargin
Based on current inputs and adjusted costs.
Revenue vs Cost Waterfall
Stage Progress Tracker
SP1 — Enabling Works
Budget: $1,816,803 · Status: Completed
100%
SP2 — Wetlands & Site Protection
Budget: $943,306 · Status: Completed
100%
🔄
SP3+SP4 — MSE Wall, Bulk Earthworks + Civil Enabling
Budget: $9,169,952 · Contractor: Bullocks/KBCL · Started: Sep 2025
$1,041,968 spent of $9,169,952 — main ramp-up Apr 2026
11.4%
SP5 — Civil Stage 1 (35 lots)
Budget: $5,910,635 · Contractor: TBC · Start: May/Jun 2026
$153,038 consultant costs only — contractor not yet appointed
2.6%
🔮
SP6 — Civil Stage 2 (49 lots)
Budget: $7,080,694 · Est. Start: 2027
Not yet commenced — follows Stage 1 completion
0%
Budget Allocation by Stage
Key Project Stats
Total Lots84 lots
Stage 1 Lots35 lots (4.37 ha)
Stage 2 Lots49 lots (6.02 ha)
Total Site Area10.38 ha
Lot Size Range398 – 9,568 sqm
Average Lot Size982 sqm
Development Cost / Lot$296,683
Land Cost / Lot$39,395
ValuationBayleys Jul 2025
Sales Tracker — Stage 1 & Stage 2 Lot Sales
All net proceeds (ex GST) applied per Westpac agreement: Dev Fund first, then CARL.  |  Avg lot price pulls from Feasibility tab — adjust prices there.  |  Interest rates pull from Financing tab rate controls.
STAGE 1 — 35 Lots  ·  Sales Period: Apr 2027 – Mar 2028 (12 months)
Target Lots
35 lots
0 sold scheduled
Total Gross Revenue
avg — / lot
Total Loan Repaid
Balance After S1 Sales
Monthly Lot Sales — Stage 1 (Apr 27 – Mar 28 · adjust per month)
Stage 1 — Monthly Loan Repayment Schedule
Month Lots Gross Rev Net (ex GST) Dev Fund Int Dev Fund Repaid Dev Fund Bal CARL Int CARL Repaid CARL Bal Total Loan Bal
S1 Monthly Revenue & Loan Balance
Stage 1 Summary
Avg Price/Lot (from Feasibility)
Total Lots Scheduled
Total Gross Revenue
Total Net Proceeds (ex GST)
Dev Fund — Opening Balance$10,121,205
Dev Fund — Interest Accrued
Dev Fund — Amount Repaid
Dev Fund — Closing Balance
CARL — Opening Balance$6,000,000
CARL — Interest Accrued
CARL — Amount Repaid
CARL — Closing Balance
STAGE 2 — 49 Lots  ·  Civil: Apr 2028 – Dec 2028 (9 months)  ·  Sales Period: Jan 2029 – Dec 2029 (12 months)
Target Lots
49 lots
0 sold scheduled
Total Gross Revenue
avg — / lot
S2 Loan Repaid
Balance After S2 Sales
Monthly Lot Sales — Stage 2 (Jan 29 – Dec 29 · adjust per month)
Stage 2 — Monthly Loan Repayment Schedule
S2 loan balance at Jan 29 opening = Stage 2 loan + 9 months capitalised interest during civil construction.
Month Lots Gross Rev Net (ex GST) S2 Loan Int S2 Loan Repaid S2 Loan Balance Surplus Cash
S2 Monthly Revenue & Loan Balance
Stage 2 Summary
Avg Price/Lot (from Feasibility)
Total Lots Scheduled
Total Gross Revenue
Total Net Proceeds (ex GST)
S2 Loan — Opening (Jan 29)
S2 Loan — Interest During Sales
S2 Loan — Amount Repaid
S2 Loan — Closing Balance
Net Surplus to Group
Monthly Cash Flow Detail — Stage 1 Programme (May 2025 → Mar 2027)
Stage 1 scope only: Earthworks (Bullocks/KBCL) + Stage 1 Civils (35 lots). Stage 2 works not commenced.  |  Actuals (May 25–Mar 26)   Forecast (Apr 26 onwards)
Source: PM Cashflow Tracker Summary sheet. Earthworks Contractor = Bullocks (KBCL). Sep 25 $4,737 included. Jan–Mar 2027: EW Contractor $601K + EW Assoc $44K each month. S1 Stage contractor not started until Apr 26. Budget: EW+S1+S2 = $22,161,281.
Retention Calculator — EW Contract (KBCL/Bullocks)
EW Contractor Spend (Actual)
Cumulative through Mar 2026
Correct Retention (Formula)
✓ Contract tiered calculation
PM's Figure
$56,779
⚠ Manually calculated — check against formula
Variance (PM vs Formula)
Contract Retention Tiers
Tier Rate Applied To Max Held
Progress to Maximum Cap ($200,000)
Max: $200,000
Scope of retention: Applies to EW Contractor payments only (KBCL/Bullocks). No retention on Associated Costs. Different terms apply to other contract works.
Monthly EW Contractor Payments & Retention
Month EW Payment Cumul EW Monthly Ret Cumul Ret
Showing actuals only (months with EW contractor payment). Months with $0 payment not shown.
Defects Liability Retention
Total Retention Held
Current cumulative
Released at Practical Completion
50% of total retention
Held During Defects Period
50% — defects liability retention
Released at Defects End
Final release to contractor