Acquisition Date: April 2022
Acquisition Price: $10.21 million
Target IRR: 13.5% p.a. including 7.5% p.a. average cash distribution
Offer closed oversubscribed
40 Thompson Street, Bowen Hills is a fully leased, quality Grade A office building located in Bowen Hills, 3km from the Brisbane CBD and within 200 metres of Bowen Hills train station. The building is leased to multinational corporate Ricoh and the established financial services firm, Infinity Financial.
Bowen Hills was identified as a target investment market which will benefit from the Brisbane City Council planning strategy which permits the development of mixed-use commercial and residential development and accompanying increase in building density. Bowen Hills will be a primary beneficiary of infrastructure investment associated with the Brisbane Olympics.
Stirling has a targeted investment strategy to capitalise on the opportunity to increase the income from the Property over the term of the Fund and realise the attractive return premium offered by investment grade office buildings in the high growth Brisbane market.