Quintessential Equity has spent $18.5 million on a seed asset for its second master fund.
The industrial property at 117 Grindle Road, Rocklea, south of Brisbane, spreads 4.04 hectares with eight warehouses containing a total 20,407 square metres.
It is almost a sixth vacant but offered with a rental guarantee which would put the yield at 10.8pc.
The property will be held by the $300m Master Fund No 2 which has been seeking investors since September, 2019.
The manager’s Master Fund raised $113m five months earlier and acquired offices at 431 King William Street, Adelaide, and 8 St Georges Terrace, Perth – both which have since undergone major renovations.
That trust also holds a multi-building industrial investment on 32ha in Gillman, 12 kilometres north of Adelaide (story continues below).
Renovation, reposition and re-lease
Melbourne based Quintessential will renovate, reposition and re-lease 117 Grindle Rd.
It also recently re-committed two occupiers, Dynamic Supplies and Small Transport and secured a new one – food wholesaler, Trumps.
Off the Ipswich Motorway, the business park, which can accommodate B-doubles, is popular with transport and logistics operators, Mr Evans, said.
Rocklea is an established industrial precinct 11 kilometres from the city.