Fund Banks on Mackay | Courier Mail Prime Site

Sentinel Property Group paid $25m for the industrial facility on three separate lots at 27-45 and 52 Len Shield St, Paget, at Mackay in central Queensland.

It is leased to Kaefer Integrated Services, the Australian subsidiary of German-headquartered Kaefer Group, a global engineering, construction and mining services company, which recently signed a new 10-year lease.

Sentinel chief executive Warren Ebert said the group was now the major property company in Mackay having also recently settled on the purchase of the Caneland Central Shopping Centre in the Mackay CBD for $280m.

“Mackay has been an important regional market in the national growth and success of Sentinel since we were established in 2010, and the company has tremendous confidence in the region’s economic future,” he said.

“Sentinel’s total portfolio in the Mackay region is circa $563m, which demonstrates our significant commitment to the region, the Mackay community and Sentinel’s expectations for future growth in the Mackay region.”

The latest acquisition offers a total building area of 10,400sq m and was purchased from a private seller for a passing yield of 8.8 per cent..

It is on a 4.1ha site and features workshops with offices over the three sites and a total of nine cranes.

According to CoreLogic, the three lots last changed hands in 2008 for almost $12m.

Sentinel owns 14 other industrial assets in Paget, including properties leased to Sandvik, Emeco, Thiess, Bis, Nepean, PBE Rutherford, Scott’s Refrigerated Logistics and Toll Transport. Other Sentinel holdings in Mackay include the Northpoint Homemaker Centre and the Kings 4WD Supa Centre directly opposite the Birch Carroll & Coyle cinemas complex and The Hub office building.

Chris Herde | Courier Mail Prime Site