Harmony Property Investments, exclusive to MRS Property are pleased to announce the acquisition of 8 Gardner Close, Milton, a high quality, refurbished and fully leased office building 2km from the Brisbane CBD. The property has been purchased for $25.23 million, representing a yield of 7.11% from commercial property group Quintessential who successfully repositioned the property to a very high standard over a two-year period.
8 Gardner Close’s metrics are solid. It is 100% leased with a WALE in excess of 5 years, and diversity of tenancy risk with 10 quality tenants, many of whom are first time tenants.
Harmony have acquired four (4) high quality investments over the past 12 months with investors receiving a 7.0% per annum distribution, plus benefiting from anticipated capital growth over the term of the investments, which is typically 5-9 years.
Milton is Harmony’s first office asset in Brisbane and the fourth Queensland asset, taking Funds Under Management for the Fund Manager to well over $500 million across 30 assets in 5 states with a mixture of commercial, industrial, retail and medical investments.
Strong support from investors looking for regular and steady returns will continue to see Harmony chase down high-quality investments across the Nation.