Quintessential Equity Approaches 100 Per Cent Occupancy On Commercial Office Property
Quintessential Equity has successfully leased a further 13 percent of its commercial office property at 166 Epping Road, Lane Cove West, New South Wales.
Quintessential Equity purchased the property in April 2013 when the occupancy rate was 80 percent and the remaining 20 percent had been vacant for an extended period of time.
Since acquiring the property in April 2013, Quintessential Equity actively marketed the net lettable area and was successful in leasing one fifth of the total vacant area on a long term lease within three months following settlement.
The most recent leasing is a joint venture between Downer EDI Works Pty Ltd, a subsidiary of Downer EDI Limited, an ASX Top 100 listed company, and Mouchel International (Jersey) Limited, a major international infrastructure and business services group. Just two percent or 161 square metres of the building is now vacant, which is a significant outcome for the property fund manager.
Quintessential Equity Director, Shane Quinn, says the additional lease agreement is a positive result for investors in the Trust and demonstrates the success achieved through proactive management by the company.
“Since we settled 166 Epping Road, we have made steps towards significant enhancements to the property, aiming to attract new tenants.
“We have enhanced the presentation of the space and worked with leasing agent specialists in the Lane Cove area to encourage new tenants to preview the refurbished office building.
“We’re pleased to have reduced the vacancy rate so significantly within 9 months of settlement, and this outcome further strengthens the property as an attractive and stable investment,” Quinn said.
The property was purchased by Quintessential Equity on a passing yield of 13.46 per cent, and acquired well below replacement cost.
The five level commercial building has three levels of office accommodation with a total net lettable area of approximately 7,129m² as well as two levels of basement car parking with 235 individual car spaces.