Harmony Industrial Property Fund Completed
The Harmony Property Industrial Fund is now complete, with three (3) high quality industrial investments increasing the Fund’s total value to $49.15 million.
Harmony Property Investments (HPI), exclusive to MRS Property, are pleased to announce the recent acquisition of 1425 Boundary Road, Wacol QLD in June 2019, the third and final property for this closed Fund. The property was purchased in an off-market transaction brokered by Mr Corey Bott of Cushman & Wakefield for $10.6 million at a yield of 7.19%.
1425 Boundary Road comprises a modern industrial facility leased to three (3) tenants with a total building area of 5,699sqm, sited within a large industrial parcel of 13,600 sqm. The investment provides a WALE in excess of 4 years.
Cain Gurney, Acquisition Manager said “the South West industrial precinct of Brisbane is a growth market that is continuing to see supply and demand factors in favour of Landlords, increasing land values and projected rental growth. All are critical factors that Harmony look for when making acquisitions. We were excited to be presented with this off-market opportunity, that was a perfect fit to close out this successful Industrial Fund.”
The acquisition of Wacol in the Harmony Industrial Property Fund follows the previous acquisitions of 178 Railway Terrace, Bassendean WA for $13.35 million in October 2018 and 63-69 Pipe Road, Laverton North VIC for $25.2 million in December 2018. The appeal of risk diversification with a spread of industrial assets across three (3) mainland capital cities with income secured from a total of 11 tenants saw excellent support from investors, with the equity raise closed within less than a day. The Harmony Industrial Property Fund provides a blended yield of 6.94% and a WALE of 4.5 years.
24 July 2019
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