HPI, offered exclusively by MRS Property, are pleased to announce the Harmony SEQ Industrial Fund which was completed in December 2021.
This newly created Fund consists of three industrial properties located within the inner northern and northern Brisbane suburbs of Banyo, Brendale and Narangba.
Lot 3/459 Tufnell Road, Banyo comprises 1,764 sqm of industrial space and is fully leased to Hair Jamm Pty Ltd for 5+5 years from July 2020.
18 Cutler Court, Brendale comprises 4,382sqm of recently completed industrial accommodation contained on a large site of 13,400 sqm. The property is divided into four tenancies and is leased to three tenants together with a vendor leaseback. Tenants include George Weston Foods, Krannich Solar and Bell Total Logistics. The initial lease terms range from 3.5 years to 5.5 years.
2-6 Business Drive, Narangba comprises 2,692 sqm of office warehouse accommodation on a corner site of 6,659 square metres. The property is leased to Amart Furniture for 10+5+5 years from September 2015.
The properties were purchased as a portfolio in an on market transaction brokered by Jack Pershouse and Daniel Munnich of CBRE and Sam Higgins of Argus Corporation. The price of $23,954,000 reflects a yield of 5.21%. The Weighted Average Lease Expiry (WALE) of the portfolio is 3.2 years from settlement.
“The Harmony SEQ Industrial Fund provides our investors with three modern industrial properties in sought after industrial locations, with the income underpinned by five tenants. This latest acquisition caps off a busy year for HPI with six properties purchased during 2021.” – Cain Gurney, Acquisition Manager
These latest acquisitions increase Harmony Property Investments total funds under management to in excess of $700 million.