Harmony Property Investments acquire Eight Mile Plains asset20 April 2020
Harmony Property Investments have paid $12.9m for a 3,627sqm site in Eight Mile Plains.
The property at 53 Brandl Street is a 2 level commercial building providing 2,976sqm of NLA and 84 car parking spaces. The building is 80% leased to Fugro Australia, Host Networks and Hytera Communications offering a WALE of 3.74 years.
The property generates approximately $921,060 in net income and was sold on a passing yield of 7.14%.
The vendor Benlee Stronghold Property Trust acquired the building in December 2014 for $10.25m with a passing yield of 8.9%. The Trust which also held 2 assets in Sydney was forecast to provide returns of 9.3% a year.
The property was sold off market via Knight Frank.