The Inner West Council says the acquisition of the eight-storey office building will improve its bottom line and long-term financial position.
Sydney’s Inner West Council, which administers suburbs including Balmain, Dulwich Hill and Rozelle, has seen value in the Liverpool CBD office market after acquiring a revamped eight-level building for $54.5 million on a 5.95 per cent yield.
“The income from the rent of approximately $3 million annually is all part of Council’s strategy to improve its long-term financial position and ensure the Inner West’s financial sustainability,” he added. “At the 25 February 2022 Council meeting, Council decided that funds from the compensation received should be used for the purchase of property in order to replace the lost income,” the council spokesman said.
Stirling spent $2.4 million upgrading the building including adding a new lobby, air conditioning and lifts and re-leased vacant space, generating a 27 per cent average uplift in rents.
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