Regions suit syndicator
September 3, 2021
Sentinel Property Group paid $28m for Moranbah Fair Shopping Centre in a major coal mining region. It will be added to the Sentinel Diversified Investment Trust, which includes the commercial complex The Hub @ Greenfields in Mackay.
Sentinel executive chairman Warren Ebert said Moranbah was a key town in the Isaac region in central Queensland which has a growing economy associated with essential commodities such as mining and agriculture.
“The Isaac region is underpinned by about 24 operational mines, producing 42 per cent of Queensland’s saleable coal,” he said.
“The recently approved $1bn Olives Down coal mine project about 40km south of Moranbah and will create more than 1500 local jobs, generating more than $8bn to the local economy and more than $10bn to Queensland’s economy.”
The shopping centre was owned by Elanor Investors Group which paid $25m for it in 2018.
It is anchored by Coles which is the only full-line supermarket within 160km.
As well as Coles, the 7058sq m shopping centre includes a freestanding KFC pad site and is supported by 16 specialty shops including Telstra, The Reject Shop, TSG, Priceline and Anglo American.
The deal was struck by JLL’s Jacob Swan and Sam Hatcher in a transaction that realised an 8.47 per cent yield.
“The sale of Moranbah Fair reflects the demand for daily needs, essential services focused retail investments – irrespective of geographic location,” Mr Swan said.
Mr Hatcher said recent, major retail transactions in Townsville, Mt Isa, Mackay and now Moranbah have highlighted the strong performance of the regional markets and the broader performance of the Queensland economy.
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