Project MegaDollar PH II

One of my projects is about to move to phase II.
I call this one Project MegaDollar, because the object is to add 1 MegaDollar (nett equity) of value to this IP within 10yrs, and I got 6 yrs to go.
I have a nice & flat plot of ****m2 zoned 2b whose only drawback is a small street frontage.
I can currently build 6 dwellings, but patience is paying off and it's looking good for 8 (4 duplexes 4x2x2).
So in very roundabout rough numbers it will cost me ~200K per dwelling for a total of 1.6m.
Once finished rent may be ~350 wk each giving a yearly gross of 145,600 minus 25% for expenses leaving ~109k and more tax deductions that I can poke a stick at.
1.6m loan @6.5% interest is 104k, which leaves the whole project slightly cashflow positive allowing some principle to be paid. And still a little wiggle room for rate rises.
Now this would give around 600k in what you ppl call "instant equity" @ <70% LVR, not bad at all, but my goal here is 1 MegaDollar.
So in order to achieve my MegaDollar I would be hoping for an increase in value of ~12% and enough rent to reduce LVR to ~50% over a 5 yr period.
Once this is achieved it should be netting 30-40k yr whilst leaving plenty equity should another venture arise.

Another achievement for the sash file, and still waiting for harris to put some meat on the table.
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OK, got 3 town planning types on the job of advising me of how to best maximise the potential of this piece of dirt.
Hopefully they'll come back to me within 7-10 days.
Not surprisingly nothing.
I called up after 2 weeks, usual BS excuses.
I'm in no hurry. Friday they get a call saying thx but no thnx.
Plenty others out there.
And I'm also talking to a few builders out there who have done similar projects (and are solvent lol).