Quintessential Equity has sold a Port Adelaide industrial investment to Auckland syndicate Silverfin Capital.
The $17.6 million deal reflects a 6.3 per cent yield.
On 4.4 hectares, 13 Webb Street (pictured, top), at the V-intersection of Old Port Road, contains 15,520 square metres of area leased to InfraBuild, formerly Liberty OneSteel, until 2030.
Quintessential paid $10.4m in 2013 and last year invested $1m on an upgrade.
CBRE’s Ben Hegerty was the selling agent.
Port Adelaide is about 14 kilometres north west of the CBD (story continues below).
“The property is located in one of Adelaide’s premier industrial destinations and the recently renewed lease agreement had ensured very strong market interest in the site,” Quintessential chief executive officer, Russell Bullen, said.
“The combination of location and the long-term lease helped to strengthen the property’s value in the midst of an industry boom, delivering strong and stable returns for our investors,” according to the manager.
“As our last settlement of the year, we’re looking forward to a promising 2021 as we expand our portfolio in South Australia and interstate”.
Elsewhere in the city, Quintessential owns a CBD office and the 32 hectare Port Adelaide Distribution Centre – where last week Visy committed to 44,000 sqm – making it the landlord’s largest industrial lease deal.
Last month the investment house outlaid $18.5m for a Brisbane industrial asset.