The showroom/warehouse at 639 Stuart Highway, Berrimah, was acquired from a private investor for a passing yield of 8.5 per cent through Peter McVann of Knight Frank Darwin.

Sentinel executive chairman and chief investment officer Warren Ebert said the property is on a 3,280 sqm site with 48m highway frontage and is leased to RSEA Safety and Clark Rubber.

Mr Ebert said Sentinel had great confidence in the economic future of the Northern Territory and already owned Jacana House, a prominent office building in the Darwin CBD, Arnhemica House in Parap and the Cascom Centre Business Park at Casuarina in Darwin’s north.

“Sentinel has been looking at more acquisitions in Darwin and the retail centre in Berrimah was an exceptional opportunity to purchase a showroom/warehouse with national tenants offering outstanding returns,” he said.

“We have more than $110 million already invested in Darwin and we think the Northern Territory has an enormous next decade ahead of it.”

The Berrimah property, which was built in 2014, features a net lettable area of 1,560 sqm with net passing annual income of $382,542 and a weighted average lease expiry (WALE) of 2.47 years.

“The asset is strategically positioned on the southern gateway to Darwin’s future population growth regions,” Mr Ebert said.

“It is located in a large format retail zone off the main highway in a strip featuring other large format retailers including Harvey Norman, Amart Furniture and car dealerships.”

Established in 2010, Brisbane-based Sentinel Property Group has a national portfolio of more than 55 retail, industrial, office, land, tourism infrastructure and agribusiness assets with a total value in excess of $1.2 billion.