Luke Mackintosh

Executive summary

Luke Mackintosh is a Project & Infrastructure Advisory Partner with BDO in Melbourne. With more than 30 years of real estate advisory experience within Australian and Asian markets, Luke is highly skilled in working with companies on their capital requirements, including sourcing capital partners for complex property partner projects.

Luke specialises in the ‘living sector’, focusing on purpose-built student accommodation (PBSA), institutional multi-family housing, social and affordable housing in Australia, working with state and federal governments, developers, investors, financiers, fund managers, and operators on all components of the property spectrum.

Luke’s core service offering includes feasibility studies, real estate transactions, corporate real estate, real estate appraisal, and real estate development.

Expertise

• Annual and quarterly valuations on operating projects and projects under construction
• Investor presentations and market research papers
• Valuations for acquisitions and financing
• Acquisition due diligence
• Financial due diligence
• Rental estimates including income growth projections
• Business case development
• Lead transaction and financial adviser
• Debt and equity raising
• Taxation and structuring
• Legal due diligence on acquisition
• Building detailed build to rent (BtR) fund models
• Building detailed BtR transaction models
• Strategy

Experience

• Assisted a global financial services company and an Australian property developer to run a selection process to source a property manager for the first BtR project in Australia, the 1300-apartment commonwealth games village on the Gold Coast.
• Worked closely with the Victorian Government to undertake financial modelling and procurement options analysis to develop a BTR strategy in Victoria. This process also required building a financial model and undertaking market soundings with investors, financiers, and developers.
• Provided acquisition advice for an Australian developer investigating their first acquisition of a BtR site in Australia. The advice was required for presentation to their IC.
• Led an engagement for a Melbourne based developer to assess the potential market rental premium and subsequent end valuation of a 450 BtR project in Melbourne. The advice is required for Investment Committee sign-off to commence construction.
• Led the team to undertake a full market rental assessment and design review for a 370 BtR project in Melbourne. The advice included a design review of the scheme, articulation of additional income, and the potential rental premium that could be achieved. This also required to qualify the demand for the project and identify the potential cohorts.
• Provided significant tax structuring advice for overseas investors looking to invest into the BTR sector in Australia.
• Led a BtR market study to the UK for a leading global construction company with the goal of understanding design and construction aspects for purpose-built BtR developments in the UK.
• Worked with a professional services team engaged to provide a comprehensive report to the QLD State Government BtR. The project involved identifying six potential sites suitable for a BtR development, developing a financial model, quantifying potential returns, and discussing the procurement model.
• Led the team providing advice to a student accommodation operator to investigate the possibility of changing their business model to a specialist BtR property manager.
• Working with Land and Housing Corporation (LAHC) on the transaction of their Redfern BtR project in Sydney. This role required Luke’s team to lead the transaction including the EOI and RFP, review the financials, and work with potential respondents to ensure they are fully across the BtR opportunity and corresponding financials. This opportunity comprised of a circa 500 BtR project to include up to 30 per cent social and affordable housing.

Qualifications and affiliations

• Master of Property (Property Development)
• Graduate Diploma Applied Finance
• Registered Valuer in Victoria, New South Wales and Queensland
• Member, Royal Institute of Chartered Surveyors (MRICS)
• Member, Australian Property Institute (API)

Professional engagements and activities

• Committee Member, Property Council of Australia, 2023-2024