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Noble Park VIC
GLA 9,411sqm on Land 23,811sqm
Purchased June 2013 • Sold February 2020
180 Browns Road is an industrial property located within the Noble Park industrial precinct, a major business hub in Melbourne’s south eastern suburbs, 27km from the Melbourne CBD. The property has easy access to Princes Highway, Eastlink and Monash Freeway as well as to large distribution and manufacturing industries.
The large site of 23,811sqm featuring a functional office of 546sqm and warehouse of 8,549sqm. It provides for ample external storage and loading areas 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 for the entire property, with the long-standing occupant, a fully owned subsidiary of GFG Alliance. Doing so allowed us to achieve relatively high annual rental growth at the greater of 4% or CPI, and provides 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 maintained a focus on developing and maintaining meaningful relationship with the tenant to ensure needs were met in an ongoing and long-term basis. In 2016 the tenant agreed to extend the lease with QE investing in an extension to the warehouse component of the facility.
This property was sold in February 2020.