Harmony sells Adelaide office
Harmony Property Investments has sold a fully leased Adelaide office bought in late 2020, as most of the country exited lockdown.
It is banking $42.4 million for 75 Hindmarsh Square, from local private investor Panto Zecevich.
The result reflects a c6.25 per cent passing yield, according to the marketing agents.
The vendor, managed by MRS Property, paid $40.5m.
The last major city office to sell – 63 Pirie St – collected $50.5m from Centennial mid last year.
Sony Interactive, Nova base
With 4,626 square metres of A-grade space over 12 storeys, occupants at 75 Hindmarsh Sq include Sony Interactive Entertainment, Nova Entertainment, the Office of the National Rail Safety Regulator, and Stantec Australia and other state government arms (continues below).
The weighted average lease expiry is six years.
The asset also includes 62 car parks across three basement levels – the best standalone building car park ratio in the Adelaide CBD core, at 1:75 sqm of NLA, Knight Frank’s Max Frohlich and Ryan Mills, who brokered the off-market deal, said.
The site spans 987 sqm also exposed to Pirie and Wyatt streets.
“75 Hindmarsh Square appealed due to its fundamentals including its location, carparking ratio and strong tenancy profile and long WALE, with multiple tenants recently renewing their leases,” Mr Frohlich said.
Mr Mills added: “South Australia’s zero per cent stamp duty on commercial property transactions also remains a major competitive advantage on the capital side of the equation, with the significant cost saving materially enhancing investor returns from day one”.
Subscribe to our newsletter at the bottom of this page.
