Qube Exits Beveridge Development, Avoids Capital Costs but Risks Future Growth
Qube Holdings has sold its 202-hectare Beveridge property interest for $111 million, booking a substantial $100 million pre-tax profit in FY26. The move frees Qube from development costs while keeping future operational options open.
- Sale of 202ha Beveridge property to C Capital for $111 million
- Material pre-tax profit of approximately $100 million to be recorded in FY26
- Profit classified as non-underlying due to its one-off nature
- Qube avoids capital expenditure on property development
- Qube remains supportive of Beveridge Intermodal Precinct and potential future user
Strategic Divestment Unlocks Value
Qube Holdings Limited has announced the sale of its interest in a significant 202-hectare parcel of land located in Beveridge, Victoria, to APAC asset manager C Capital. The transaction, settled on 18 December 2025, generated cash proceeds of approximately $111 million. This divestment marks a pivotal moment for Qube, allowing the company to realise substantial value from a long-held development asset without committing further capital expenditure.
Financial Impact and Profit Recognition
The sale will deliver a material pre-tax profit of around $100 million, which Qube will report in its FY26 accounts. Notably, this profit is classified as non-underlying, reflecting its non-recurring and exceptional nature. Such a significant one-off gain is expected to bolster Qube's financial position, providing enhanced flexibility for future investments or operational initiatives.
Strategic Positioning in Freight Infrastructure
While Qube has exited as an investor in the Beveridge Intermodal Precinct; a key freight infrastructure project developed by the National Intermodal Corporation, a government business enterprise; the company remains supportive of the precinct's expansion. Managing Director Paul Digney emphasised that the sale does not preclude Qube from being a future user of the facility, underscoring the company's ongoing commitment to Australia's freight infrastructure growth, congestion reduction, and emissions goals.
Balancing Growth and Capital Efficiency
This transaction highlights Qube's strategic approach to balancing growth ambitions with capital discipline. By monetising the asset now, Qube avoids the substantial capital outlay required to develop the precinct, potentially reallocating resources to other core areas or new opportunities. The sale also reflects a broader trend among logistics companies to optimise asset portfolios amid evolving market conditions and infrastructure demands.
Looking Ahead
As Qube transitions away from direct investment in the Beveridge property, market watchers will be keen to see how the company leverages this capital gain and whether it will deepen operational ties with the precinct as a user. The sale also raises questions about the future development pace of the Beveridge Intermodal Precinct and the role of institutional investors like C Capital in shaping Australia's freight infrastructure landscape.
Bottom Line?
Qube’s sizeable profit from the Beveridge sale sets the stage for strategic reinvestment and signals evolving roles in Australia’s freight infrastructure.
Questions in the middle?
- Will Qube enter into any user agreements with the Beveridge Intermodal Precinct post-sale?
- How will Qube deploy the $111 million cash proceeds to support its growth strategy?
- What development plans does C Capital have for the Beveridge property, and how might this impact the precinct’s timeline?
