Harmony Property Investments (HPI) is pleased to announce the sale of long-held investment – 289 Wellington Parade South, East Melbourne, with the property purchased by Bayley Stuart Capital for a price of $51,785,000. The premium office building offers over 5,500 square metres of office accommodation across four levels and more than 60 basement car parking spaces.
Harmony has proudly owned the asset on behalf of our investors since 2009, with annual returns averaging over 9.0% across the investment term of 13 years and the recent divestment providing a final IRR of 13%.
Thanks to Daniel Wolman and Matthew Stagg from Colliers for facilitating the transaction, and to the wider HPI and MRS team on their work to achieve a positive outcome for all parties involved.
We congratulate Andrew MacGillivray and our friends Bayley Stuart Capital on the purchase and wish them the very best moving forward.