Quintessential, a leading name in property regeneration and development, has made headlines once again with its strategic acquisition of One Margaret Street in Sydney's bustling Central Business District. The $293.1 million deal with Dexus has now been officially settled, marking a significant milestone for the company.
The acquisition, initiated earlier this year and finalised on August 18, is a pivotal addition to Quintessential's Sydney CBD portfolio.
Strategically located between Wynyard Station and Barangaroo, One Margaret Street is primed for a remarkable transformation. Quintessential will invest $90 million to rejuvenate the 18-storey office tower, with work set to commence in 2024. The ambitious project will create an avant-garde 10,000-square-meter podium featuring approximately 1,850 square meters of NLA per floor. Completion is projected for 2026-2027.
Quintessential's differentiator lies in its unwavering commitment to sustainability. There development includes a transition to an all-electric building, utilising eco-friendly materials, elevating its NABERS energy rating to an impressive5.5.
Andrew Borger, Quintessential's Chief Investment and Operating Officer, stated, "We look forward to collaborating with our new tenants and all relevant stakeholders to reimagine this outstanding property with a high ESG focus, building upon the strong tenant and investment demand for repositioned assets."
Despite industry uncertainty, Quintessential holds firm in its belief in the potential of premium office spaces for robust returns.
Co-Founder and Executive Chair, Shane Quinn, added, "We appreciate the support of our long-term loyal investor base and have welcomed many new investors who see the counter-cyclical opportunity in the market."
With market reports signaling an upward trajectory, Quintessential's dedication to the office sector remains resolute.
Quintessential's vision extends beyond real estate; it's a commitment to redefine Sydney's office spaces for sustainability, functionality, and profitability. The One Margaret Street acquisition underscores Quintessential's dedication to reshaping Sydney's CBD skyline.