Cleveland Investors Cash In
March 6, 2024
Australian Property Journal
Sentinel Property Group has sold a 5.4-hectare vacant portion of its longest-held assets, a near-10-hectare site opposite the Redland Public Hospital and Redland Mater Private Hospital that was last valued at $53.5 million.
Sentinel purchased the Cleveland Business Park for $19.7 million in November, 2010, just months after the syndicator was launched by founder and CEO Warren Ebert, achieving a total Internal Rate of Return (IRR) over 13 years of more than 20%.
Investors recently had a windfall when the vacant portion of the site at 2-14 Weippin Street in Cleveland was recently sold to a private investor for an undisclosed sum, delivering investors $1.81 per unit.
Ebert said the performance of the Cleveland Business Park for Sentinel investors had been one of the highlights of the company’s history.
“At Sentinel we take great pride in the company delivering wealth for our investors, and Cleveland Business Park has been one of the great deliverers,” he said.
For the original investment amount of $1 per unit on establishment of the Cleveland fund, investors have received a total of $3.2408 per unit, inclusive of the 10% capital return in 2012, monthly distributions, and special distributions payments.
Investors continue to benefit from the performance of the remaining 5.7ha of the Cleveland Business Park, with monthly distributions at an annual rate of 7 cents per unit.