Currambine pays off for investors
Posted 22 . 02 . 13
Stirling Capital has completed its Currambine project and is pleased to report that investors have received the full forecast return.
The 1.33 hectare infill site at 11 Chesapeake Way was acquired by Stirling Capital in 2011 for $5.3 million, and was subdivided into 38 residential cottage lots ranging in size from 200 – 250 square metres, and a 3,500 square metre commercial lot.
The residential lots were sold as house and land packages after Stirling Capital partnered with ABN Group for the project.
Stirling Capital Director Luke Reinecke said this site stood out as a great opportunity for investors for a number of reasons.
“We’ve seen a substantial increase in demand for well-located affordable housing, and with house and land packages here starting from $408,000 we were able to deliver that to the market,” Mr Reinecke said.
“These prices are lower than the median house price for the suburb, which is $560,000, making it appealing to the first homebuyer.”
Currambine is about 25 kilometres north of the Perth CBD and is located within the northern growth corridor of Perth, which is anticipated to accommodate more than 50,000 additional residents over the next 20 years.
The sites proximity to the Currambine Shopping Centre and other amenities including takeaway food outlets, movie theatres, public open space and a tavern, made the investment a solid one for Stirling Capital.