Charter Hall Poised to Acquire Qube’s Minto Site

Charter Hall is reported to be undertaking exclusive due diligence on Qube Holdings' property at Minto in a deal worth about $210m.

The 30ha property at 2 Culverston Road is fully leased, with car maker Mazda committing to 107,000 square metres last year. The other key tenants are Ceva Logistics, Dial a Tow and Prix Car.

Qube recently invested $25 million in the property to meet medium-term requirements of the car import, storage and distribution market.

The site, which is adjacent to the South Sydney Freight Line, has the potential to be developed into an intermodal rail terminal. A planning approval for the site was issued in June 2017 for four (4) warehouses / offices, loading docks and car parking. The proposed buildings range from approximately 20,000sqm to 40,000sqm with a total building area of 112,0000sqm and a further 69,066sqm of hardstand areas. The total cost of the development was estimated at $155m.

In February, QUBE advised that market that its Minto properties were being reviewed as part of the monetisation / partnering process being considered by the Group.

Charter Hall and Qube have not made any official comment as yet.