Property investor Shane Quinn defies market fears and buys major office buildings

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Property Investor,Office Buildings,Market Fears

Property investor Shane Quinn is defying market fears and buying major office buildings, despite the risks in the office sector. He predicts a 'bloodbath' in the B-grade office buildings market and expresses concerns about Melbourne's office market. However, Quinn has emerged as one of the few investors brave enough to make selective purchases.

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

 

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