Popular Top End venue changes hands
November 1, 2022
Sentinel Property Group, which earlier this year bought Casuarina Square shopping centre, has bought nearby Casuarina All Sports Club for $17.5m.
Located at 269 Trower Rd in Casuarina, the Cas Club was bought from a private investor in a deal negotiated by leading Territory agents Peter McVann and Matthew Knight from Knight Frank.
Cas Club is fully leased to Casuarina All Sports Incorporated until July 2030.
Sentinel paid $418m for Casuarina Square, with group chief executive Warren Ebert describing the asset as “irreplaceable” and a “once in a generation opportunity”.
The purchase represents a further expansion of Sentinel’s footprint at Casuarina.
Mr Ebert said the acquisition of Cas Club was a part of Sentinel’s long term plans to develop Casuarina into a town centre.
This includes expanding the already substantial retail component to include residential developments such as student, senior or worker accommodation.
“Casuarina Square completely dominates its market and receives more than eight million visitors a year,” Mr Ebert said.
“We have identified a tremendous opportunity to add value to the complex and grow Casuarina Square as both a retail centre and an employment node.
“Part of these plans has been seeking approval to move the Casuarina bus interchange to free up an area of approximately 54,000sq m for redevelopment.”
Cas Club will be part of Sentinel’s Casuarina Investment Fund which also includes the shopping centre.
The club is on a site area of about 8310sq m.
The Sentinel Regional Office Trust also owns the adjoining CasCom Centre, a six-building business park on an approximately 19,000sq m site.
Cas Club was opened in 1995 and has won multiple hospitality and gaming awards.
The club has 55 gaming machines, Keno and full TAB facilities.
“The club is very well located adjacent to Casuarina Square and the Cascom Centre, which is the main commercial precinct located outside of the Darwin CBD,” Mr Ebert said.
“Darwin is undergoing enormous change including development and ongoing infrastructure works as the population continues to grow which is attracting considerable investor interest particularly in the main commercial precincts of Darwin and Casuarina.”