Property group sizing up more Darwin real estate after $100 million buy-up
November 15, 2017
A PROPERTY group which has spent more than $100 million in Darwin in the last 12 months is looking at other properties in the North Australian capital.
Sentinel Property Group purchased the fully leased Arnhemica House in Parap for just under $9.5 million to add to its Darwin portfolio of Jacana House — bought in June this year for $60.75 million — and the $34 million CasCom business park in Casuarina purchased in December 2016.
Sentinel managing director Warren Ebert, in Darwin to inspect the portfolio, said the property group was looking at more acquisitions.
“There is at least one property we are interested in but we are working through the due diligence so I am not in a position to disclose the full details,” he said.
“But we are a believer in the market in Northern Australia, as we are believer in the development of Northern Australia.
“In Darwin, it is our view the market has bottomed and we think now is the right time to invest, because the future looks very bright. We have often invested in areas that appear out of favour with buyers.
“In the last few months, we have sold properties in Sydney and Melbourne because they are booming and used those funds to buy properties in North Australia.”
Mr Ebert said the expected Defence spend was an area for optimism.
Established in 2010, Brisbane-based Sentinel has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets in Queensland, New South Wales, Victoria, Western Australia and the Australian Capital Territory.
Mr Ebert was on his way to Cairns after inspecting all of his Darwin portfolio unannounced.
“When I visit a property, I really pay attention to what the receptionist has to say and I make sure the little things are done right, like the job the cleaners do,” he said. “You can’t underestimate how important it is to have clean toilets in a commercial property.”