Quintessential Equity has sold an industrial facility in Noble Park south east of Melbourne.
The 2.38ha facility is leased to Infrabuild with a remaining lease term of over 10 years. With a GFA of 9,552sqm, the property generates $844,487 pa and was sold for $14.7m, representing a passing yield of 5.7% pa.
Quintessential acquired the site in 2013 for $6.8m and successfully negotiated a new twelve-year lease with two option terms of seven years prior to settlement, effectively locking in a higher rental growth pattern (4%) and securing the investment for the current exit strategy.
Quintessential were also attracted to the large site with a 38% site coverage providing ample external storage and loading areas as well as providing expansion space at the rear of the site. In 2016, Quintessential extended the facility for the tenant.
The purchaser is believed to be Bering Property Holdings and was introduced following a campaign run by CBRE in November 2019.
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