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OtherStaff WriterSun 08 Oct 17

Brisbane Industrial Facility Leased to Toll Sells for $12 Million

21-Metroplex-Avenue-Murarrie2_620x380

Independent property group Harmony Property Syndication sold a 6,076 square metre facility in Brisbane's outer-east for $12 million.

Located in Murarrie, nine kilometres from Brisbane's CBD, the investment property was fully-leased to Toll Group until 2022, returning $789,880 per annum. Knight Frank and Colliers International brokered the deal.

It is understood the buyer was a private investor with other holdings in the precinct. Harmony acquired the facility in 2009 for $8.2 million.

“We anticipated strong demand for this asset given the strong lease profile and the outstanding position within the Metroplex on Gateway Estate” Colliers' Anthony White said.

“Murarrie has always been a sought after location for investors and tenants alike, with access to major infrastructure being the key driver to the precinct.

“Increasing land values, improving infrastructure and proximity to the Port, Airport and CBD all underpin the value proposition," he said.

Knight Frank's Ben Hatch said the property received a strong level of enquiry from both high net worth privates, syndicators and small funds when we launched the asset to the market.

“The lease profile, modern facility and position within Metroplex at Murarrie satisfied the selection criteria for several buyers we have been working with," he said.

Harmony Property Syndication have over $360 million FUM, and over the past 12 months have been active along the Eastern seaboard, having this year acquired five properties, and sold two assets, including the Murarrie facility.

“We proactively managed the facility to ensure consistent returns for our investors, which is the approach we take for all of our syndicates” Harmony's Andrew Cain said.

“Upon resigning Toll Group to a new lease, our syndicate members who are mostly high net worth privates, agreed to test the market.

"The investors are very happy with the result, receiving regular distributions of 8.5 per cent p.a. throughout the syndicate term, plus capital growth of more than 30 per cent."

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Article originally posted at: https://theurbandeveloper.com/articles/harmony-property-lets-go-stake-murarrie