Sentinel buys site
October 15, 2019
Sentinel Property Group has purchased a vacant, development ready site adjacent to another of its industrial assets at Mayfield in Newcastle, giving the real estate investment trust a 50ha combined land holding in the Port of Newcastle precinct.
The 10.16ha cleared site at Lot 6, 71 Industrial Drive, Mayfield, was sold through Trent Robertson and Matthew Kearney of Colliers International for $3.5 million.
The site adjoins Sentinel’s industrial investment at 51 Industrial Drive, Mayfield, which was purchased for $31 million in 2015 as the first asset for the open-ended, pooled Sentinel Industrial Trust, a portfolio now worth more than $230 million.
Sentinel managing director Warren Ebert said acquiring a vacant site next to 51 Industrial Drive offered many opportunities for Sentinel to add value.
“Securing one of the larger freehold industrial land holdings offered in the region next to our existing asset provides Sentinel with a 125 acre (50ha) land holding in a prominent position within the strategic Port of Newcastle precinct and with considerable value-add opportunity,” he said.
“The site is predominantly cleared of vegetation and has a SPI Special Activities zoning.”