Harmony Property Investments is pleased to announce the sale of one of Adelaide’s highest-value industrial properties — Netley Commercial Park — for $71.3 million.
Netley Commercial Park was acquired by Harmony Property Investments in 2014 for $30.25 million, and comprises approximately 44,000 square metres of improvements on a site of 13.47 hectares west of Adelaide’s CBD.
Currently leased to the South Australian government, the site is adjacent to Adelaide Airport with long-term development potential.
The sale reflected a yield of some 4.5%.
“It’s an outstanding site that’s delivered exceptional returns for our Harmony Property investors over the past seven years,” said Managing Director of MRS Property, Geoff Robertson.
Not only is Netley Commercial Park one of the largest infill and industrial sites within close proximity to Adelaide’s CBD, it also adjoins the Adelaide Airport and the Airport East Logistics Hub development.
“The long-term value of the property is underpinned by the fact that there’s a shortage of industrial land close to the CBD and airport, and the property is fully leased to the South Australian government.”
The sale of Netley Commercial Park is Harmony Property Investment’s third sale this year, after previously selling properties in Brisbane and Sydney.
“Harmony Property Investment’s long-held investment philosophy of simply buying good real estate, paired with a strong real estate market, has helped our investors realise significant gains in 2021,” Geoff said.
“The extensive due diligence and research that our team undertakes when buying properties goes a long way to ensuring the value of the investment in the long term.
“While Netley Commercial Park has surpassed general market expectations, overall industrial property returns throughout South Australia have performed strongly in recent times.
“It’s been a very strong year for real estate, and we are selectively taking the opportunity to sell in a hot market.”
Harmony Property Investments, exclusive to MRS Property, has provided its clients with independent commercial property investments since 2003.