But while banks, superannuation funds and real estate investment trusts fret about, property investor Shane Quinn is doing something different – he’s buying. To be clear, Quinn, the executive chairman of Melbourne-based boutique Quintessential, isn’t blind to the risks bubbling in the office sector.Indeed, he says he’s “petrified” about what might happen to B-grade office buildings, and predicts a “bloodbath” in this part of the market as tenants further turn away.
He’s bearish about Melbourne’s office market too; the unloved Docklands precinct will be a drag on the city for years, he says. Nevertheless, in the past 12 months, Quinn has emerged as one of the few investors brave enough to buy major office buildings – albeit very, very selectively.a 21 per cent discount to the valuation vendor Dexus placed on the building in June 202