This article is from the Australian Property Journal archive
FRESH from acquiring a Brisbane warehouse complex for a new fund, Quintessential Equity has offloaded a Port Adelaide industrial site for $17.6 million to Silverfin Capital.
Quintessential Equity has held the 44,000 sqm Webb St property for seven years, and spent $1 million on regeneration works last year, including concrete remediation.
Long-term tenant InfraBuild, formerly Liberty OneSteel, has a new 10 year lease.
The property traded on a 6.3% yield.
Ben Hegerty of CBRE brokered the deal.
“Located in South Australia’s industrial heart, the Webb St property received strong appeal amongst investors with the addition of the newly extended lease agreement and a great tenant,” Quintessential Equity’s chief executive, Russel Bullen said.
“The combination of location and the long-term lease helped to strengthen the property’s value in the midst of an industry boom, delivering strong and stable returns for our investors.”
The diversified property group owns and manages the 32 hectare Port Adelaide Distribution Centre two kilometres away, and recently announced plans to expand the site.
It has also completed upgrades at its 431 King William St office tower in the Adelaide CBD.
This month, it paid $18.5 million for a Rocklea warehouse complex with a gross lettable area of 20,407 sqm, on a site covering just over four hectares, with which it will seed a new $300 million fund.
Quintessential Equity has been a net seller in the past three years, divesting $314 million worth of assets and purchasing $160 million.
