Harmony Property Syndication has sold a Murarrie investment property in a deal struck by Ben Hatch and Chris Wright of Knight Frank and Anthony White and Simon Beirne from Colliers International.
The 6,076sqm freestanding facility was fully leased to Toll Group until 2022, returning $789,880 per annum. Both agencies declined to comment on the sale price but industry sources have indicated the property transacted for above $12 million. It is understood the buyer was a private investor with other holdings in the precinct.
“We anticipated strong demand for this asset given the strong lease profile and the outstanding position within the Metroplex on Gateway Estate” reported Anthony White. “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”.
“We received a strong level of enquiry from both high net worth privates, syndicators and small funds when we launched the asset to the market” commented Ben Hatch. “The lease profile, modern facility and position within Metroplex at Murarrie satisfied the selection criteria for several buyers we have been working with”.
Harmony Property Syndication have over $360 million FUM, and over the past 12 months have been active predominantly along the Eastern seaboard, having this year acquired five properties, and having sold two assets, including Murarrie, which was acquired in 2009 for $8.2 million.
“We proactively managed the facility to ensure consistent returns for our investors, which is the approach we take for all of our syndicates” said Andrew Cain from Harmony. “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% p.a. throughout the syndicate term, plus capital growth of more than 30%”.