Suggestions

Hi all, I am a new member of this forum. i have been following this forum for a while. It's so exciting to be associated with the winners of the real estate industry. I am from Sydney I need some suggesstions in this scenario: we have a block of land(440 sq yards) in INDIA. we have obtained a tenant who is ready to pay INR 20,000 on a monthly basis, if we build an office space for him in an area of 3000sqft. The cost of construction comes around INR2,500,000, the bank is willing to lend us 80% of the construction. the bank's lending rate is 12% as it is for a commercial use with a 7 yrs repayment term. Anyway we are ready to put the remaining 20% from our side. The area is a little more developed than a rural area. the area where the block is located is close (5-10 min walk) to 2 colleges, 1 school, and to the main shopping area. Also, it is just 20min away by road to a semi-urban town which is growing. We thought of extending the project to one more floor and put small units for residential use which can yield a rent upto another INR20,000 with an increase in the construction cost to 3.5 to 4 million INR. we are in the process of negotiation with the bank in extending the term of repayment. (looks like chances are thin) we are also in the thoughts of running an add. in the local newspapers for lease available for shop on the 1st floor. or available to buy a block of space for shop. as u can see the property is not in a +cash flow looking forward for Any Suggestions or creative ideas in getting this property to a +cashflow property quickly. Note: As this is not an urban area, the bank is not ready to give a mortgage on the land. the tenant is ready to stay for atleast next 10 yrs or more. we are in talks on how much % of appreciaton in the rent every year. INR- indian ruppes