Stones Corner office to seed diversified Harmony fund

The Stones Corner office was renovated in 2019.

Harmony Property Investments has purchased a Stones Corner office – its ninth Queensland asset – for a new diversified fund.

The site (outlined) is about five kilometres south of Brisbane.

The two storey building on a 1952 square metre Mixed Use zoned site at 444 Logan Road, on the south east corner of Gordon Street, is costing $13.9 million.

Developed in the mid-1980s and renovated in 2019, it contains 1974 sqm of area, fully leased to four tenants including chartered accountants Hoffman Kelly which has naming rights.

A basement contains 37 car parks.

Based on the annual rent, the purchase price reflects a 6.5 per cent yield.

The Weighted Average Lease Expiry is 5.3 years.

Stones Corner is about five kilometres south of Brisbane.

JLL’s Tim Jones and Elliott O’Shea brokered the deal (story continues below).

Harmony Stones Corner

The Stones Corner property will seed Harmony Stones Corner, which is expected to have an end value of between $25-$35m and deliver unitholders a circa six per cent annual return.

HPI is looking to fill the fund with another office.

It also wants to spend $5m-$20m on a retail or industrial investment.

The acquisition comes eight months since Harmony outlaid $54.6m on a Sydney showroom, and Adelaide factory.

Early last year the MRS managed group spent $12.9m on an office in Eight Mile Plains – about 10km south of Stones Corner – for another diversified trust.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of