108 St George's Tce

Purchase Price: $339,750,000

Target IRR: 11.7% over 5 years

Forecast Distributions: 7.9%pa averaged over 5 years

Premium Perth CBD Commercial

Liquidity: 5 Yearly

Building Size: 38,332 sqm NLA

Purchase Price: $339,750,000

The Realside 108 St Georges Terrace Fund is an unlisted property trust that has acquired a 33% stake in a landmark, 38,332 sqm A+ office building in the epicentre of the Perth CBD. Lendlease’s Real Estate Partners No.4 Fund (REP 4)  has acquired the balance with Realside performing the asset management function.


The Fund strategy is to:

  • Take advantage of short term market mispricing to acquire the Property at a highly attractive price relative to recent comparables.
  • Deliver income growth via both execution of a number of capital light internal enhancements designed to further elevate the building and proactive management of the existing and prospective tenant base.
  • Capitalise on the strong outlook for the Perth CBD office market.

Investors are forecast to receive average annual cash distributions of 7.9% per annum and an 11.7% IRR over 5 years.


51 levels, Realside 108 St Georges Terrace Fund the Property is an iconic Perth office tower with most floors benefitting from sweeping views over the Swan River and the wider Perth metropolitan area. The striking office tower is complemented by the three-storey, 1897-built, heritage listed Palace hotel, which provides offices, café, restaurants and multiple conference facilities. The Property is of superior quality and future-proofed following a $110m whole of building refurbishment over the last 10 years, with an unrivalled location offering access to key transport and amenity. It has a high quality, diversified tenant base, and remains at the forefront of the flight to quality trend in the Perth office market, with impressive tenant retention metrics and substantial recent leasing momentum.


Alex Hone


  • Alex Hone has more than 20 years investment experience having worked 
  • Alex Hone has more than 20 years investment experience having worked 
  • Alex Hone has more than 20 years investment experience having worked