Quintessential has strengthened its industrial portfolio by constructing a new warehouse on a vacant parcel of land and replacing an existing facility within the Port Adelaide Distribution Centre (PADC) in South Australia.

Confident in market demand, Quintessential speculatively commenced construction on the two new facilities before receiving precommitment from tenants. The brand-new Warehouse M includes an on-site food and beverage offering, run by local South Australian operator, Funk Coffee, which also operates at Quintessential’s 431 King William Street office tower.

Originally constructed in 1947, Warehouse M was demolished in 2022 and rebuilt to deliver three state-of-the-art facilities with both office and warehouse functionality in the premier storage and logistics estate, offering 5,274 square metres of lettable area.

Following the commitment of Atom and Steamatic to two of the facilities within the brand-new Warehouse M, Quintessential has recently signed a 10-year lease with an unnamed government tenant to bring Warehouse M to one hundred per cent occupancy.

Also located on the 319,500 square metre estate, Warehouse O is expected to reach completion in June and will deliver a new modern warehouse and office facility. Terms have recently been agreed for Warehouse O with a prospective tenant, which secures 3,670 square metres of the facility. The remaining 50 per cent of the newly refurbished warehouse is accepting offers with negotiations underway with a number of occupier groups.

With demand for premium sites on the rise, Quintessential is consistently seeing PADC outperform expectations, indicating an uptick in the strength of the industrial and logistics sector. After acquiring the site in 2019, Quintessential has seen rents at PADC double and in some cases triple from $55 per square metre to $130, $140, and $153 per square metre in newly developed

Julian McVilly, General Manager - Asset Management at Quintessential, said, "When we purchased the property in 2019, we recognised the unique opportunity to upgrade existing buildings, work with our occupier groups to grow relationships and develop on vacant land to further strengthen PADC’s position in the market as Adelaide’s premier storage and logistics estate. "

A neighbouring tenant at PADC who recently extended its term by eight years is the international agriculture business, Ameropa, which expanded its 11,000 square metre footprint by 9,000 square metres. This is just one example over the last number of years where Quintessential has worked with its existing tenants to expand and extend within the estate.

Quintessential, which also has a growing presence in South Australia with several buildings in the Adelaide CBD, is committed to improving the energy efficiency of its properties and providing flexible,efficient solutions for its tenants.