Quintessential sells Rocklea warehouses for major profit
Quintessential has sold a fully leased Brisbane industrial park.
The asset manager is banking $35 million for 117 Grindle Road, Rocklea.
It paid $18.5m in late 2020 – just after the national COVID lockdown, with parts of Victoria still in one.
On 4.04 with 20,407 square metres in eight tenancies, almost a sixth was vacant.
It later re-committed Dynamic Supplies and Small Transport and locked in a new deal, with food wholesaler, Trumps.
Quintessential held the property in the Master Fund No 2 fund, established in 2019.
That trust also controls offices in the Adelaide and Perth CBDs.
Colliers’ Simon Beirne and Nick Evans, who sold 117 Grindle St to Quintessential, divested it for them.
Eleven offers came in following an expressions of interest campaign, they said.
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