Quintessential strikes industrial deal in Port Adelaide
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Boutique fund manager Quintessential Equity has sold an industrial property in Port Adelaide for $17.6 million to property syndicator Silverfin Capital.
The deal was struck on a 6.3 per cent yield. Quintessential took control of the property seven years ago with long-term tenant InfraBuild occupying the site. It was sold on a 10-year lease and InfraBuild will occupy the facility until at least 2030.
Quintessential spent more than $1 million regenerating the Webb Street property, including concrete remediation works last year. Located in South Australia’s industrial heart, the Webb Street property received strong appeal amongst investors with the addition of the newly extended lease agreement and a great tenant,” said Quintessential s chief executive, Russell Bullen.