Quintessential spends $18.5m on Rocklea industrial asset
Quintessential Equity has spent $18.5 million on a seed asset for its second master fund.
The industrial property at 117 Grindle Road, Rocklea, south of Brisbane, spreads 4.04 hectares with eight warehouses containing a total 20,407 square metres.
It is almost a sixth vacant but offered with a rental guarantee which would put the yield at 10.8pc.
Colliers International’s Nick Evans and Simon Beirne were the agents.
The property will be held by the $300m Master Fund No 2 which has been seeking investors since September, 2019.
The manager’s Master Fund raised $113m five months earlier and acquired offices at 431 King William Street, Adelaide, and 8 St Georges Terrace, Perth – both which have since undergone major renovations.
That trust also holds a multi-building industrial investment on 32ha in Gillman, 12 kilometres north of Adelaide (story continues below).
Renovation, reposition and re-lease
Melbourne based Quintessential will renovate, reposition and re-lease 117 Grindle Rd.
It also recently re-committed two occupiers, Dynamic Supplies and Small Transport and secured a new one – food wholesaler, Trumps.
Off the Ipswich Motorway, the business park, which can accommodate B-doubles, is popular with transport and logistics operators, Mr Evans, said.
The broker is also managing the leasing campaign with colleagues Philip Stephens and Levi Maxwell.
Rocklea is an established industrial precinct 11 kilometres from the city.
