PHILOSOPHY

Co-Investment Partnerships

Harrington Property Group is a specialist property investment company with a key point of difference: We co-invest substantial equity into every one of our transactions.
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PORTFOLIO

PROPERTY 
ACQUISITIONS

Harrington’s current portfolio highlights the implementation of our philosophy by securing high quality assets with downside protection and long-term sustainable income. Learn more

TRACK REcord

REALISED
RETURNS

Harrington has an impressive track record in identifying real estate opportunities and adding value to produce strong financial returns for our clients. Learn more

Co-Investment Partnerships

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Property
Aquisitions

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Realised
Returns

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ABOUT US

Harrington Property Group is a ‘value based’ real estate investment company with approximately $150 million in assets under management.

Harrington Property Group is a ‘value based’ real estate investment company that acquires assets which have defensive characteristics and a perceived intrinsic value in excess of the current market price.

The principals of Harrington invest their own capital alongside high net worth clients, superannuation funds and institutional clients.

The principals of Harrington have over 50 years combined industry experience in investment property and funds management with a long and impressive track record of successful real estate transactions and realised investor returns.

MATTHEW DAVISON

Executive Director

Matt Davison is a founding partner and Director of Harrington Property Group.

Matt has over 20 years property experience in asset management, acquisitions and value added property and specialises in commercial office and retail. He has held a number of senior roles within market leading groups, including Knight Frank, Brentwood Corporation, DEXUS, Toga Group and EG Funds Management.

Matt is primarily responsible for new acquisitions for Harrington Property Group.

TREVOR BYLES

Executive Director

Trevor Byles is a founding partner and Director of Harrington Property Group.

Trevor has an extensive property background including roles as the National Acquisitions Manager of Kennard’s Self Storage and senior roles with EG Funds Management and Savills property agency. He has a Masters degree in Applied Finance from Macquarie University and an undergraduate Commerce degree from the University of New South Wales.

Trevor is a Life Member of Eastern Suburbs Rugby Union Club, where he spent seven years playing grade rugby including three as Club Captain. Prior to joining Eastern Suburb’s Trevor played a number of seasons at Southern Districts.

Trevor is primarily responsible for asset management and investor relations for Harrington Property Group.

Martin Squires

Director - Retail Development

Martin Squires joined Harrington Property Group in April 2017 and is primarily responsible for property development activities within the group.

Martin has over 14 years property experience specialising in retail development, acquisitions and asset management. He has held senior roles within major UK and Australian retail businesses including McDonald’s and Officeworks.

Martin holds a degree in Planning and Property Development and is a member of the Royal Institution of Chartered Surveyors (MRICS).

Steven Wheat

Financial Controller

Steven joined Harrington Property Group in November 2013 as the group’s Financial Controller.

Steven is responsible for the day-to-day accounting, financial operation and administration of the property Trusts’ managed by Harrington. Steven has over 10 years experience in financial asset management and trust accounting.

Steven is a Chartered Accountant and a member of Chartered Accountants Australia & New Zealand. Steven holds a bachelor of Commerce majoring in Accounting and Finance, and a Bachelor of Information and Communication Technology from the University of Notre Dame, along with a Graduate Certificate in Applied Finance through Kaplan Professional Education.

GrEG SHAND

Chairman / Non-Exec. Director

Greg secured a B.com.LLB from the University of New South Wales (1980 to 1985) and after an initial period practicing as a solicitor, commenced working in the property industry in early 1990’s.

Greg has now had over 20 years experience in property with 10 years as joint managing director of Brentwood Corporation Limited and then as principal of Barana Group Pty. Limited.

Greg has a wealth of experience in structuring, financing and syndicating retail, office and hospitality investment property both in Australia and internationally, which he will now also bring to Harrington Property Group.

OUR PHILOSOPHY

Harrington seeks to acquire Australian real estate assets with superior risk adjusted returns. Harrington approaches each opportunity based on the underlying fundamentals of a particular asset. We believe in individual asset selection and focusing on the following key principles:

SECURITY

  • Robust downside protection via the sustainability of income and improvements
  • Buying below replacement cost
  • Acquiring assets with alternative uses and multiple exit strategies

FINANCIAL

  • Adopting a counter-cyclical view on the state of the markets
  • Focusing on fundamental value analysis
  • Focusing on opportunities which have repositioning potential
  • Investing with a longer term view on holding periods

ALIGNMENT

Co-investment by Harrington principals is paramount. The principals of Harrington invest in every transaction and typically their cumulative interests form the largest holding within each Trust. It is Harrington’s view that co-investment ensures unit holder’s interests and Harrington’s interests are fully aligned.

PORTFOLIO

Current assets and investments

Fairfield Forum Shopping Centre

8-36 Station Street, Fairfield NSW

Harrington acquired Fairfield Forum Shopping Centre in March 2013 for $32 million. The centre was recently valued at $70 million.
The acquisition price reflected an attractive yield on the purchase price and a significant discount to the replacement cost of the centre. The shopping centre is situated on a very substantial 42,800 sqm of land within the Fairfield CBD town centre. 

The Centre is a single level, sub-regional shopping centre anchored by a Coles supermarket, Aldi Supermarket and Trade Secrets department stores, along with over 40 specialty retailers. It comprises a GLA of approximately 17,700 square metres with over 700 parking spaces. 

The centre has the benefit of a B4 Mixed Use zoning underpinning the asset value.

Mona Vale

77 - 79 Bassett Street, Mona Vale NSW

Harrington acquired 77-79 Bassett Street Mona Vale in an off-market transaction in January 2017 for $17.0 million .

The property is an industrial complex consisting of approximately 10,000 sqm of lettable area across two buildings and situated on over 14,400 square metres of land. 

Harrington was attracted to the property due to the sustainable income, the attractive purchase price per square metre of land and lettable area, along with value add opportunities including a cosmetic refurbishment of the building.

Dee Why Beachfront

154 – 158 Pacific Parade, Dee Why Beach NSW

Harrington acquired 154-158 Pacific Parade, Dee Why Beach in April 2014 for $2.75 million. The site was recently valued at $5.50 million.

Harrington was attracted to the island site due to its close proximity to the Dee Why beach (being approx. 100 meters to the North of the property) and the directly adjacent beachfront strip of retail shops and restaurants, which trade strongly. 
Harrington has completely refurbished the property and changed the tenant mix to enhance the offering for the local community. Harrington has secured Beach Burrito and JB & Sons on long term leases over the site. 

The value of the asset is underpinned by the current B2 zoning which allows for shop top housing.

Freshwater Village Plaza

1-3 Moore Road, Freshwater NSW

Harrington acquired Lot 1 within Freshwater Village Plaza in August 2015 and acquired Lot 14 in April 2017. 

Freshwater is a popular beachside suburb of Sydney located approximately 16 kms from the Sydney CBD and 3 kms from Manly. Freshwater Village Plaza is a 2 storey commercial / retail strata building with basement and roof top car parking originally constructed in 1985. Lot 1 comprises over 800 sqm in GLA and is currently 100% leased to Metcash (IGA Supermarket). Lot 14 is located on corner of Moore Road and Alfred Street, with great street exposure and approximately 100 sqm of GLA. 

Harrington was attracted to the property due to its location in the heart of Freshwater village and its close proximity to Freshwater beach (being approx. 500 meters to the East of the property).  From a longer term perspective, Harrington will look to undertake a reconfiguration of the space to add value to the property.

North Manly

20a Waine Street, North Manly NSW

Harrington acquired 20a Waine Street in January 2016. 

20 Waine Street is a multi-leased industrial asset on the Northern Beaches of Sydney. The industrial asset comprises five separately leased industrial tenancies with a total GLA of 1,471 sqm. 

Since acquisition, Harrington has completed a significant refurbishment and modernisation of the property, which has increased the street appeal of the property, along with the branding and signage for existing and new tenants.

Bathurst Homemaker Centre

10-14 Stockland Drive, Bathurst NSW

Harrington acquired Bathurst Homemaker Centre in May 2014 for $3.65 million. 

The centre was acquired with an initial passing yield of approximately 9.5% and well below replacement value.

The single level, modern centre consists of four large format retail tenants with a GLA of 3,753 square metres and over 78 parking spaces. The centre is located directly adjacent to an existing Bunnings Warehouse on the Great Western Highway which has recently undergone a major store expansion. 

Post-acquisition, Harrington strata sub-divided the property and has sold three of the five strata lots (representing 52% of the gross lettable area of the centre). Gross realisations from the sales to date exceed $4.15 million.

Harrington continues to own two of the five strata lots (representing 48% of the gross lettable of the centre).

Parkes

138 Clarinda St, Parkes NSW

Harrington acquired 138 Clarinda Street in October 2017. 

Harrington was attracted to the property as it suited the requirements of a national tenant whom Harrington has an ongoing relationship with, in respect of new sites. 138 Clarinda Street was being sold vacant possession by receivers, which enabled Harrington to acquire the property below replacement value.

The property is now occupied by Tradelink (a member of ASX / NZX listed Fletchers Building Group), who executed a new-long term lease over the property with Harrington.

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TRACK RECORD

REALISED RETURNS

West Gosford Hometown

356 Manns Road, West Gosford NSW

In December 2017, Harrington disposed of West Gosford Hometown for $45.0 million, realising an equity IRR of 44.2% and a 2.96 times return on equity for unit holders.

Harrington originally acquired West Gosford Hometown in June 2013 for circa $ 19 million.

West Gosford Hometown is an established large format retail centre comprising 15 tenancies across a total lettable area of 15,886sqm. The Centre is anchored by Super A-Mart and supported by a range of national retailers including Petbarn, Supercheap Auto and BCF.

The sale of the property demonstrates a successful repositioning of the centre by Harrington Property Group during it's 4 years of ownership.

Western Sydney

Residential Development Site

In December 2016, Harrington disposed of a prominent Western Sydney residential development site for $19.0 million, realising a 1.7 times return on equity for unit holders. 

Harrington was attracted to the investment opportunity due to the multiple investment strategies applicable on the property. The property benefited from a prominent gateway location, large site area, functional improvements, large on-grade car parking and underlying mixed-use zoning which meant the property would suit retail uses, office uses, large format retail uses and high density mixed-use re-development.

Harrington evaluated the multiple investment strategies for the property before determining the most appropriate strategy for the asset and unit holders was to dispose of the property as a residential development site.

South Nowra BBQs Galore

174 Princes Highway, South Nowra NSW

Harrington acquired South Nowra BBQs Galore in April 2014 on an initial passing yield in excess of 10%. 

The property is located in the well-established large format retail strip of South Nowra and has the benefit of excellent exposure to the Princes Highway. The BBQs Galore business had been operating from the subject location for in excess of 16-years, but on acquisition had a short term lease expiry.

Harrington identified that the tenant had a desire to stay in their current location and agreed a new 10-year lease over the property. In addition, Harrington upgraded the external appearance of the building with a new façade which enhanced the street appeal of the property and increased the value of the asset.

In June 2015, Harrington disposed of the site and realised an equity IRR of 50.5% per annum.

Gallery Vie Varsity Lakes

220 Varsity Parade, Varsity Lakes QLD

Harrington acquired retail space in Varsity Lakes, South East Queensland from receivers in June 2012.  

The largest tenant was the Bank of Queensland on a lease expiring in August 2013. Harrington entered into a new 6-year lease with Bank of Queensland promptly after settlement. 

In September 2013, Harrington sold down the last of the spaces originally acquired by the trust and realised an equity IRR of 38.6% per annum to unit holders.

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SERVICEs

Advisory Services

Harrington provides investment management services to clients who are seeking to have a direct, wholly-owned exposure to commercial real estate. These services are bespoke and tailored based on each client’s investment objectives and their respective risk / return profiles.

SERVICES INCLUDE:

Flowing from the detailed client analysis, Harrington will commence the asset procurement phase which is via both ’on-market’ and ‘off-market’ opportunities via its deep network of brokerage contacts.

Upon successful selection a thorough due diligence of the asset is undertaken. This process includes a benchmarking of capital values, rents and outgoings; review of the contract for sale with our legal representatives, review of leases and other documents (such as side deeds / service contracts) that will pass with the property; interviews with major tenants as well as appointing and managing specialist consultants to conduct physical due diligence including mechanical, environmental, structural and compliance as examples.

Harrington can manage the negotiation and implementation of debt to the acquisition through its relationships with lenders.

A key component of Harrington’s value-add is through its asset management capabilities. Harrington’s intensive asset management aims to firstly protect the asset’s value and then seek opportunities to enhance value.

The project management of the disposal process is a skill which is often undervalued, especially in rising markets, however Harrington understands that the proper management of this process can either add value if executed professionally or it can be a significant opportunity lost if managed poorly.

Surry Hills

60-64 Reservoir Street, Surry Hills NSW

Harrington assisted a private client in acquiring 60-64 Reservoir Street, Surry Hills, which is a 6-storey commercial building located in the heart of Surry Hills. Harrington identified the opportunity to the client and undertook due diligence on the property along with providing negotiation services on the Contract for Sale. 

Harrington identified opportunities to enhance the return on the asset and post-acquisition project managed the implementation of refurbishment works on two levels (both were vacant on acquisition).

Tenants were subsequently secured for the refurbished floors at rates that far exceeded base case acquisition assumptions. The property is now generating a yield in excess of 8% (on acquisition price) for the client and on a longer term basis provides for an alternative exit as a residential development opportunity.

Walsh Bay

Piers 8 & 9 Walsh Bay, Millers Point NSW

Harrington assisted a private client who was the long term owner of Lot 2 at Piers 8 & 9, 23 Hickson Road, Walsh Bay.

Lot 2 comprises a four level heritage listed building situated on a wharf in Sydney Harbour that was significantly refurbished in 2000 for commercial office use. The net lettable area of Lot 2 is 7,652 square metre and at the time it was anchored by Murdoch Media & Yahoo!7.

The asset was under performing due to a vacancy of 2,684 square metre (or 35% of the total net lettable area) within the asset. Harrington was able to directly introduce Hassell Architects to the property who proceeded to enter into a 10 year lease over the entire vacant space.

Upon completion of a full turnaround strategy on the asset, which involved both leasing the vacant space to Hassell and adding further value via a more disciplined asset management approach with a focus on reducing outgoings, Harrington, on behalf of its private client, then took the property to the market with CBRE in December 2013.  

The asset was sold in January 2014 for in excess of $46 million, which represented an uplift exceeding $14 million based on the private owners valuation prior to Harrington's involvement with the asset.