Harmony Property Investments (HPI), exclusive to MRS Property, are pleased to announce the substantial completion of the Harmony Industrial Property Fund 2 (HIP Fund 2), with the recent acquisition of 23-29 Westgate Drive, Altona North VIC in January 2020.
The property was purchased in an off-market transaction for $10,040,000, brokered by Mr Scott Braithwaite of Knight Frank. Comprising a modern office warehouse of 6,764 sqm and located on a large site of over 1.5ha, the property has been purchased with a new 6 year lease to a global logistics operator.
The Altona North acquisition is the fourth property included in the Fund, following the previous acquisitions of 4 Martin Avenue, Gillman SA for $14,065,000 in October 2019, 38 Westgate Street, Wacol QLD for $15,650,000 in November 2019 and 61 Bushland Ridge, Bibra Lake WA for $9,000,000 in December 2019.
Harmony Industrial Property Fund 2 is HPI’s second industrial fund, established following very strong demand for their first Industrial Fund that was established in 2018.
Cain Gurney, Acquisition Manager said “the Fund currently comprises four industrial properties with a total value of $48,755,000, spread across four mainland states with income secured from a total of seven (7) tenants and a WALE (by income) of approximately 5.5 years. Ideally, we will secure a fifth property to complete the Fund.”
This acquisition takes HPI’s total funds under management to over $580 million with 2019 being a record $85 million of real estate purchased.
For more, see the below article from the Courier Mail.
28 January 2020