Stirling Street set to deliver strong returns
Posted 17 . 04 . 12
Stirling Capital is pleased to announce the acquisition of 1,560 square metres of office space in one of the city’s most dynamic and developing areas, Stirling Street, Perth.
The acquisition, a single level office building which is 100 percent leased, is set to generate a solid return for investors.
The property at 108 Stirling Street is expected to become more desirable with the development of the Perth City Link, connecting the Perth CBD to Northbridge for the first time in 100 years.
The site is a prime development site with a plot ratio of 3:1 allowing for the development of up to 6,789 square metres of usable space. This is expected to increase to 4:1 following the City of Perth passing Amendment 25.
The current office building has a total net lettable area of 1,560 square metres and includes 16 secure parking bays. The property is 100 percent leased to the Commissioner of Main Roads for five years to November 2015, with an option to extend for a further five years.
108 Stirling Street is well connected, with transport hubs nearby including major bus and train routes. Two childcare centres are within walking distance as well as a post office, cafes, restaurants and shopping and entertainment facilities.
Stirling Capital Director Luke Reinecke said the acquisition would provide investors with strong results.
“As with any acquisition we make, it’s important to assess not just what you’re purchasing today, but it’s potential going forward,” he said.
“108 Stirling Street presents a fantastic opportunity both now and in the future. We’re already seeing big steps made towards the rejuvenation of that part of the city and it’s exciting to be a part of it as it continues to develop and grow.”