PORT PURCHASE: Sentinel Property Group has paid $3.5 million for a vacant, development-ready site adjacent to another of its industrial assets at Mayfield.
Sentinel Property Group has purchased a vacant, development-ready site adjacent to another of its industrial assets at Mayfield, giving the real estate investment trust a 50-hectare combined landholding in the Port of Newcastle precinct.
The approximately 10.16 hectare cleared site at Lot 6, 71 Industrial Drive, Mayfield, was bought for $3.5 million. It adjoins Sentinel’s industrial investment at 51 Industrial Drive, which was purchased for $31 million in 2015.
Sentinel managing director Warren Ebert said acquiring a vacant site next to 51 Industrial Drive offered many opportunities for Sentinel to add value.