Sentinel lights the solar way
June 16, 2023
Sentinel Property Group has strengthened its solar energy footprint in Queensland with a $4.7m roof installation starting construction at Mackay’s Caneland Central shopping centre.
Caneland Central is the third Sentinel property in Queensland to have a solar system installed, with the Group also completing a $2m upgrade at the DFO Cairns retail centre, while the River Quays office building in the Townsville CBD also has a substantial system.
Sentinel chief executive Warren Ebert said they were investing heavily in renewable energy and the Caneland Central installation was its largest solar project to date.
“We’ll be installing more than 8000 solar panels on the roof at Caneland Central, with the project expected to be completed by the end of this year,” he said.
“This installation is expected to produce around 15,000 kilowatts of power each day and result in substantial electricity cost savings and generate annual income of about $1.5m for the centre.
“Furthermore, the installation is projected to enhance the asset value of Caneland Central by circa $20m.”
Late last year, the syndicator completed the purchase of Caneland Central from the Lendlease managed Australian Prime Property Fund Retail for $280m.
The purchase took its investment in retail centres during 2022 to almost $700m after its acquisition of Casuarina Square in Darwin for $418m.