We recently celebrated a significant milestone at Quintessential Equity’s Port Adelaide Distribution Centre (PADC) with construction officially underway.
Located at 25-91 Bedford Street, Gillman, South Australia, the circa $18 million upgrade will provide three office/warehouses ranging from 1,540 to 1680sqm and one café (75sqm) within Warehouse M (4,975sqm), as well as three more warehouses ranging from 1,735sqm to 3,820sqm at Warehouse O (7,290sqm).
For Quintessential Equity, the project solidifies our presence in South Australia, joining Lot Fourteen, 100 King William Street and 431 King William Street, representing an investment over $400 million.
Quintessential Equity General Manager of Asset Management Julian McVilly said the property's potential was recognised in 2019 when the property was purchased.
“We acquired the PADC, seeing the unique opportunity to upgrade existing buildings, develop vacant land and further strengthen PADC’s position in the market as Adelaide’s’ premier storage and logistics estate.
“With construction underway, the completed best-in-class logistic warehouses will attract new tenants, following TOLL committing to 6,716.6sqm GFA and San Miguelto 4,064.8sqm GFA of existing space.
“This increasing demand has resulted in positive rental growth across the estate` of up to 42 per cent, with the new developments to add additional value.
“Working with existing and prospective tenants to maintain a strong and stabilised occupied estate, Quintessential Equity has seen a greater commitment to more space within the estate.”
Early engagement with prospective tenants could result in larger tenancies provided to suit tenant needs.
Local South Australian company, Woolcock Construction, are the appointed builders to undertake the upgrade works, which will feature brand new warehouses with high internal clearance, ESFR sprinklers, cross dock capabilities, several auto roller shutters, canopy protection and modern office spaces.
Afunctional retail space will also be available for lease to provide amenity to the occupants of the estate. The build is estimated to be completed inlate-2023.
Current tenants include Visy Logistics, Spendless Shoes, Aramex Couriers, San Miguel, Toll Transport. CBRE and Leedwell are the appointed leasing agents for the Estate.
Steve Smith, Partner at Leedwell said “The site is ideally situated for efficient distribution of product, it’s located only 12km from Adelaide CBD and 7km from the Port of Adelaide, supported by generous internal road networks and has road train accessibility.
“With substantial amenity and flexible tenancies, the Port Adelaide Distribution Centre is a prime distribution estate.
“The site would perfectly suit industrial tenants looking for space between 1,600SQM- 7,500SQM and a quality food operator to provide additional amenity to the Estate and surrounding businesses.”
David Reid, Senior Director Industrial & Logistics of CBRE said, “The site is immediately available to major transport networks, including rail, road and shipping. The new facility will be completed at a time where there is a growing demand for premium quality office and warehouse stock.
“The exclusive agents are starting to field a strong volume of enquiries looking to secure a place at the highly anticipated PADC new development and we expect the space will be fully-let prior to practical completion.”