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Are you too close to the project to be able to see that perhaps it’s just not viable – it certainly sounds that way because as other have pointed out it appears you’ve done the huge amount of research. It’s just not showing you what you want to see.

Some other personal observations:

You’re flat plan sounds incredibly rigid – unless you’re editorial content is sponsored I believe you’d find it hard to stick to plan A. Simply because it’s so tough to source the advertising. The flat plan for an in-house 48 page advertiser driven quarterly that i work on with a team consisting of writers and sales staff – changes at least 8 times over the course of production.

Big business probably don’t want to / can’t advertise for a number of reasons: a) You’re unproven b) You’re a brand alignment risk c) perhaps most importantly you’re not on the radar of media buyers. Nationals, multi’s, Banks, FMCG’s etc would be extremely unlikely to buy their own advertising and they probably would not buy 1 off ads.

I’d be sticking to SME’s initially – but this has repercussions for your distribution strategy. Bob’s Kebabs might be excellent value for International students on cheap night, but those students need to be on his doorstep.

Print can’t be 82 pages, it’ll be 80 or 84pages and at that size it’ll be perfect bound. So are you looking at approx $8-9k print on 3000? So I guess the next problem is your pitch to the potential advertiser.

Would you consider a test run, hyperlocal to 2-3 really hot suburbs for you target market?

As I said just some thoughts. Goodluck