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Port Adelaide SA
GLA 15,520sqm on Land 44,080sqm
Purchased June 2013
13 Webb Street is a large office warehouse facility located approx 14km north west of the Adelaide CBD. Close to the Adelaide port precinct benefitting from excellent access to road, sea and rail networks.
The facility is on a substantial site of 44,080sqm with main production facility of 14,482sqm and office area of 1,038sqm. It provides for ample external storage and loading areas, together with drive around access capabilities for articulated vehicles and the potential to cater for future expansion.
Pre-acquisition, QE successfully negotiated a new twelve year lease with two option terms of seven years with the long-standing occupant, a fully owned subsidiary of GFG Alliance. This achieved relatively high annual rental growth at the greater of 3.5% or CPI, thereby providing a hedge against inflation.
The investment requires little, if any repositioning, with QE having completed the key value enhancements during the acquisition negotiations.
Notwithstanding the relatively passive nature of this investment, we continually focus on developing and maintaining a strong relationship with the tenant, to ensure the tenant’s occupancy needs are met on an ongoing and long-term basis.