HPI are pleased to announce two recent acquisitions which have been included within the Harmony Stones Corner Fund.
67 Proximity Drive, Sunshine West (VIC) was purchased for $5,424,594 in an off-market transaction brokered by Scott Braithwaite of Knight Frank, at a yield of 4.95%. Comprising 2,788 sqm of industrial space divided into two separate office/warehouse tenancies, the property is fully leased to Franklin Electric (Australia) Pty Ltd for 7 years from August 2021.
41 Courtney Place, Wattle Grove (WA) was purchased in an off-market transaction for $4,000,000, brokered by Nick Goodridge of JLL, at a yield of 5.00%. The property comprises a recently completed office warehouse of 1,800 sqm, contained within a 3,578 sqm site and is fully leased to Triple M Holdings Pty Ltd for 5 years from March 2021.
Following these two acquisitions in November 2021, the total value of the Harmony Stones Corner Fund has increased to $23,324,594, comprising six tenants across three states. The targeted combined Fund Value of $30 million enables a further complementary property to be purchased for a price in the order of $6.5 million.