Quintessential Equity Secures Major Industrial Property In New South Wales
Quintessential Equity has expanded its growing portfolio, acquiring an A-grade industrial asset at 1 Inglis Road, Ingleburn NSW for $13.8 million.
The property comprises a modern, high quality warehouse and single storey office, which was completed in 2002 and sits on just 15 per cent of the total land, as well as a large external awning area and guard house. It provides strong potential for further development with more than 44,000m² of surplus developable land; one of the key attractions for Quintessential Equity.
Located in the well-established industrial suburb of Ingleburn, approximately 45 minutes from the Sydney CBD, the property was acquired from AMP Capital acting on behalf of UniSuper.
A three year lease is in place to Schneider Electric (Australia) Pty Ltd, a subsidiary of Schneider Electric SA, a global leader in energy management.
Director of Quintessential Equity, Shane Quinn, was attracted to the property for its significant value- adding opportunities.
“We plan to work with the existing tenant to meet their current and future accommodation needs. The longer term strategy for the property should the tenant not choose to stay at this location is to increase the value by extending the existing warehouse facility and subdividing and selling some or all of the vacant land. This will allow us to extract additional value and increase the return to our investors,” Mr Quinn said.
“Location is critical for industrial properties. The fact that this asset is so close to the proposed Moorebank Intermodal Terminal Project in south western Sydney, is near the existing Macarthur Intermodal Shipping terminal and has easy access to major transport routes makes it highly attractive to future tenants.
“As with all properties in the Quintessential Equity portfolio, this asset met our stringent selection criteria,” Mr Quinn said.
The Ingleburn property sits on a total site of approximately 65,680m². The office/warehouse comprises 9,928m², the external awning comprises 735m², the guard house comprises 13m² with approximately 44,280 m² remaining as surplus, developable land. The sale was managed by Gavin Bishop of Colliers International.