JV on Commercial build ? Advice ?

Hi all, I would really like some input on this issue

Roughly 2 years ago I jointly purchased a 5600sqm industrial  property in Campbeltown NSW.

I currently have a DA approval for a 1900sqm[aprox] building and a CC in progress.

My investing partner recently had a change in circumstances and has asked to back out of the build.

So……….

As it stands, I currently have a respectable parcel of land ready for the build.

My thoughts…….

I'm considering a 50% JV to a motivated smaller builder that is capable of funding the build to completion.

In my simple way it goes like this.

I own the land, you build the factory.

Upon completion the whole property is then drawn up and equally partnered.

Yes, there are a lot of questions that need to be asked and answered.

But as some basic info goes

Property cost :$1mil aprox

                Type: Industrial land

                 Size: 5600sqm

                  D.A: Approved

                  C.C: In progress

    Building size: 1900sqm [aprox]

Estimated build cost : To be assesed. [Estimated at 800k]

Estimated rental : $120k / $140k P/Annum

And here is the kicker…….

After the building is completed there is enough area remaining to build another smaller freestanding factory on the same parcel of land in the future as a second income source.

So the question I ask. based on the information  I've shared in this post.

How does the deal sound ? Can something like this work ?

Cheers

Chris