September 2022 - 52 Riverside Drive, Mayfield West
April 2022 – 54 Riverside Drive, Mayfield West
52 Riverside Drive, Mayfield West - $9.0 million
54 Riverside Drive, Mayfield West - $6.88 million
Target IRR: 14.5% p.a. including 5.4% p.a. average cash distribution
Offer closed over subscribed
The Stirling Riverside Drive Fund offers investors exposure to the strongly performing Newcastle industrial sector through the investment in two newly constructed, adjoining industrial assets. The assets comprised six industrial office/warehouse units across two buildings, located in Mayfield West, a prime industrial precinct 7km north of the Newcastle CBD and 2km from the Port of Newcastle.
The acquisition of 52 and 54 Riverside Drive, Mayfield West represents Stirling’s fourth investment in Mayfield West, following on from the earlier investment in 9 and 11 Channel Road, Mayfield West. Mayfield West is one of the last remaining large scale infill industrial precincts in Newcastle and will benefit from strong population growth and increased infrastructure investment.
Stirling acquired the properties at $2,599 per sqm of NLA representing a c30% discount to the price at which competing properties have transacted. Stirling will implement an active asset management strategy to lease the units on 3-7 year leases and then sell the Properties.