Quintessential Equity settles on industrial property sale in Melbourne
20 February 2020
Diversified property group Quintessential Equity has sold an industrial property in Melbourne’s south-east for $14.7 million.
Purchased in 2013, Quintessential Equity has managed the site in Noble Park’s industrial precinct for just under seven years, with long-term tenant Infrabuild (formerly OneSteel Reinforcing) occupying the site.
Located 27 km from Melbourne’s CBD, the property was sold on a 5.74% purchase yield.
The Noble Park site totals 23,811 square metres, featuring a 546 square metre office, 5,549 square metre warehouse and opportunities for future expansion with a large amount of land at the rear of site.
The building has been sold with just over a 10 year lease, which will see Infrabuild, a fully owned subsidiary of the Gupta Family Group (GFG) Alliance in Australia, stay at the Noble Park facility until at least 2030.
Quintessential Equity CEO Russell Bullen said the property’s location in one of Melbourne’s premier industrial areas, and recently renewed lease agreement had ensured very strong market interest in the site.
“The combination of location and its new long-term lease meant that the property generated significant interest from investors,” says Mr Bullen.
“Developing meaningful relationships with our tenants helps ensure their occupancy needs can be met well into the future.
“As our first settlement of 2020, Quintessential Equity is looking forward to another strong year as we expand our portfolio in Victoria and interstate.”