Property: 203 Northumberland Street, Liverpool NSW
Acquisition Date: September 2019
Sale Date: January 2023
Purchase Price: $46.76 million
Sale Price: $62.35 million
Equity IRR (Net): 10.3% p.a.
Equity Multiple: 1.35x
Stirling delivers compelling sale of asset after 3 years of ownership
Stirling identified Liverpool as an office market which would benefit from significant government investment and above Sydney average economic, population and employment growth. A defined investment strategy of subdividing and selling the on-grade car park, upgrading the building amenity, lease up vacancies and capitalise on the rental differential of 60% between the building and Grade A office buildings in the Liverpool market was implemented.
Stirling successfully delivered on the investment strategy 12 months ahead of schedule delivering a 10.3% p.a. net IRR to investors despite the negative impacts of Covid 19 on leasing activity and tenant incentives.