Harmony outlays $54.6m on assets in Adelaide, Marsden Park

The Marsden Park showroom and warehouse was completed in February.

MRS managed Harmony Property Group has acquired a Sydney industrial investment and settled on an office in Adelaide, its home town.

In the most recent deal, it spent $14.1 million on 10 Ultimo Place, Marsden Park (pictured, top and right), about 50 kilometres north west of the New South Wales capital.

Harmony has settled on Adelaide’s 75 Hindmarsh Square – an office built in 1990 for PricewaterhouseCoopers.

The asset includes a showroom and warehouse completed in February for two businesses: RSEA Safety and Total Tools.

Its Weighted Average Lease Expiry is 10.5 years.

The purchase price reflects a 5.41 per cent yield.

Colliers International’s Paul McGlynn was the marketing agent.

This property is the second and final earmarked for the Harmony Diversified Fund No 1; the other, at 53 Brandl Street in Brisbane’s Eight Mile Plains, cost $12.9m in March (story continues below).

Meanwhile in Adelaide, the fund manager has settled on the purchase of 75 Hindmarsh Square – a deal speculated since August.

On the north west corner of Pyrie Street and also with Hyde St access, the six level, 4680 sqm office with 74 car parks was built for PricewaterhouseCoopers 30 years ago.

Its highest profile occupiers nowadays include DMG Radio, which broadcasts Nova 91.9 and 5AA.

The block spreads 986 sqm opposite Hindmarsh Square.

The vendor, a syndicate led by Allan Breakwell which paid $21.8m in 2007, was represented by CBRE’s Ian Thomas and Alistair Laycock.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco