Quintessential expands in to Brisbane
AUSTRALIAN FINANCIAL REVIEW
15 AUGUST 2016
Garden Square in Brisbane.
Photographer David Millar
Boutique fund manager Quintessential Equity has rolled into Brisbane, purchasing the Garden Square office complex from Stockland for $45.25 million.
The complex is 11 kilometres from central Brisbane at 643 Kessels Road, in Mount Gravatt. On a 16,650 square metre site, the property has seven levels of office accommodation and stands next to the Westfield Garden City Shopping Centre.
Chief executive Shane Quinn said Quintessential’s move into the Queensland market would bolster the Melbourne syndicator’s national property portfolio.
“We are delighted to be in a position to expand our footprint into the Queensland market,” he said.
“It is a region we have been watching closely over the last number of years and we believe Garden Square is a prime commercial office asset with plenty of scope for further improvement and development.”
The same property was at the centre of a failed $47 million deal between Stockland and Sentinel Property Group. A lawsuit from Sentinel ensued, which was later resolved.
Garden Square is fully leased to a number of state government departments as well as the National Australia Bank and Commonwealth Bank of Australia.
“In order to further bolster the property’s performance, we plan to commit capital expenditure to the property in order to improve the building’s energy efficiency and simultaneously improve the tenant experience,” Mr Quinn said.
“Quintessential Equity takes a hands-on approach to the management of all our properties and Garden Square will be no different.”
Mr Quinn said there is surplus land at the Mount Gravatt site.
“We are excited to have the option to expand and develop the property’s offering in the future.”
Savills’ agents Anthony Ott and Peter Capple handled the Garden Square transaction.
Quintessential is having a busy year, managing a portfolio now stretching from Brisbane to Geelong and beyond