This article is from the Australian Property Journal archive
QUINTESSENTIAL Equity has subdivided and contracted to sell its 1 Inglis Rd industrial facility at Ingleburn in Sydney’s south-west.
The 65,680sqm site was acquired by Quintessential Equity in 2014 and is improved by a 9,928sqm modern industrial warehouse. Only 15% of the site is occupied by warehouse, which is currently leased to Schneider Electric (Australia) Pty Ltd.
As a result, a subdivision of the site was agreed upon in late 2015 with titles issued for three separate lots of land – Lot 1 of 9,042sqm, Lot 2 of 13,460sqm and Lot 3 of 43,178sqm. In early 2016, Lot 1 and Lot 2 were successfully sold while Schneider Electric remained on Lot 3, the site of its existing warehouse.
To meet Schneider Electric’s current and future accommodation requirements, Quintessential Equity agreed to fully refurbish the existing warehouse as well as almost double its size from 9,928sqm to 17,513sqm and the tenant has agreed to a new 12-year lease.
“Since acquiring 1 Inglis Rd in 2014, our property team has worked tirelessly to develop and execute a strategy which adds value for our tenant and investors,” Quintessential Equity COO Russell Bullen said.
“By consolidating, subdividing and upgrading the site, we have optimised the potential of the property. The division of the site into three distinct lots has also enabled us to better manage the site, provide higher quality facilities for tenants and increase investor returns.
“With Lot 3 currently under development to meet the additional accommodation needs of our existing tenant, Schneider Electric, we are looking forward to the completion of construction and final settlement of the sale,” Bullen said.
Australian Property Journal
