Sentinel Scoops Second Cairns Asset

August 24, 2017

Su-Lin Tan | Commercial Real Estate

Sentinel Property Group has purchased a fully leased four-level commercial office building in Cairns for $8.5 million.

The 2453sq m property 139 Grafton Street is leased to Queensland Health on a new five-year lease and a medical office. It has parking for 25 vehicles. This is Sentinel’s second Cairns purchase after its acquisition of the DFO Cairns retail complex last year.

Sentinel managing director Warren Ebert said the group had strong confidence in the North Queensland economy. “We see a lot of upside in the Cairns market on the back of its resurgent tourism sector and more than $20 billion of planned infrastructure and development projects,’ he said.

The Cairns property will go into the Sentinel Regional Office Trust, which includes offices in Darwin and Casuarina in the Northern Territory.