Acquisition Date: September 2018
Acquisition Price: $15.05 million
Target IRR: Mixed use: 24.8% p.a. Commercial: 11.8% p.a.
Offer closed oversubscribed
Stirling identified Macquarie Park as a key target investment market satisfying Stirling’s value-add growth investment philosophy. Inherently a strong commercial precinct possessing significant public amenity and transport infrastructure, the opening of the new Sydney North West Metro in 2019 complements its identification as an urban renewal precinct by the Greater Sydney Commission Region Plan.
Stirling’s purchase of 2 Byfield Street Macquarie Park represents an excellent alignment to its acquisition strategy, being an underdeveloped property in a very strong and established commercial precinct adjacent to the residential rezoned Herring Road precinct. Two train stations, university, hospital and one of Australia’s largest shopping centres are all within walking distance providing the opportunity for Stirling to lead a rezoning of the precinct to Mixed-use with higher density unlocking potential for significant growth in capital value.