Sentinel backs CQ mining to ride out COVID-19
April 20, 2020
A major property group is backing the strength of mining during the challenges of COVID-19 with a $12.770 million investment in the industrial suburb of Paget, Mackay.
Sentinel Property Group has acquired 9538sq m site at Maggiolo Dr for $8.3 million and another asset on a 9170sq m block at Michelmore St for $4.470 million.
The Maggiolo Dr property is leased to Nepean Longwall, a subsidiary within the mining division of Nepean, and the Michelmore St property is leased to PBE Group, a global provider of power equipment, communication services, data and safety solutions.
Sentinel has invested about $100 million in the Mackay region including other industrial land and developments in Paget as well as a staff headquarters in the Mackay city centre.
On the hunt for more Mackay opportunties
Sentinel managing director Warren Ebert said the group was seeking more opportunities in Mackay, with the Mackay Regional Council reporting a Gross Regional Product of $8.623 billion, representing a 68 per cent increase since the beginning of the decade.
Mr Ebert said despite the economic impact of the coronavirus pandemic, mining in the Mackay region would continue to flourish.
“Mackay is the regional centre for the Bowen and Galilee Basin coal deposits and Mackay’s Dalrymple Bay Coal Terminal is the largest in Queensland by volume,” he said.
“The regional city has benefitted from a sustained improvement in commodity prices, particularly coal, and is expected to be one of the key beneficiaries of Adani’s Carmichael Project. Mackay’s residential property market has improved strongly in line with increased mining activity.
“Mining continues to be an essential business for Queensland. I expect the mining industry will play a major role in driving Queensland’s economy through these difficult economic times.”
Mr Ebert said Sentinel had also obtained approval for the development of a 2000sq m industrial workshop plus office and hardstand at 40 Gateway Drive, Paget, with completion expected in October, 2020.
“There has been a significant amount of interest in this development and we expect this workshop will be pre-committed/leased prior to the build completion,” he said.
“We are also in negotiations with a number of tenants for design and construct workshops with office and hardstand on industrial land at 22-40 Gateway Drive, Paget, 77 Maggiolo Drive, Paget, and 10-26 Margaret Vella Drive, Paget.
“Paget continues to expand with very minimal vacancy for workshops over 2000 sqm – this is driving the development of our new workshop in Paget.”
Other Sentinel holdings in Mackay include the Northpoint Homemaker Centre, the Birch Carroll & Coyle cinemas complex, and adjoining The Hub @ Greenfields office building, the Toll Distribution Centre and Sandvik’s and Emeco’s workshop facilities at Paget.
Sentinel also owns a 69.4ha site at Sarina to be developed into a large-scale staged residential sub-division.