Banking on mining
April 20, 2020
Sentinel Group focuses on Mackay
One of Queensland’s leading property investors has banked on the mining sector to quarantine his investors against the economic impact of the coronavirus.
Sentinel Property Group recently increased its substantial footprint in Mackay with the purchase of two properties in the industrial suburb of Paget for $12.77 million, bringing its commitment to the region to almost $120 million.
Sentinel managing director Warren Ebert said despite the economic impact of the COVID-19 pandemic, mining in the resource-rich Mackay region will continue to flourish with the Queensland Government reliant on the sector to kick start the economy.
“Mackay is the regional centre for the Bowen and Galilee Basin coal deposits and its Dalrymple Bay Coal Terminal is the largest in Queensland by Volume. It has benefited from a sustained improvement in commodity prices, particularly coal, and is expected to be one of the key beneficiaries of Adani’s Carmichael project,” he said.
“Mining continues to be an essential business for Queensland and will play a major role in driving Queensland’s economy through these difficult economic times.”
Mr Ebert said Sentinel which is celebrating its 10th anniversary this year, was seeking more buying opportunities in Mackay which produces consistently high yields for investors. “We’re the biggest buyers in town over the past three years and we are always looking,” he said.
Mr Ebert said Sentinel had obtained approval for the development of a 200sq m office/warehouse in Paget.
The syndicator’s other holdings in Mackay include the Northpoint Homemaker Centre, the Birch Carroll & Coyle cinemas complex and the Toll Distribution Centre as well as Sandvik’s and Emeco’s workshop facilities.
Sentinel also owns a 69.4ha site stage residential subdivision site at Sarina. Mr Ebert said the Mackay industrial sector had a shortage of workers. “This recession or whatever they’re going to call it will be fantastic for areas like Mackay,” Mr Ebert said.
“Their biggest problem is that they want workers but can’t get the people. “So if you’re a bloke who’s working for some builder down south and gets the sack, you can come up here with their family and get over $140,000 driving an excavator.