Sentinel Property Group adds to office trust with $15.5m Townsville office
May 3, 2018
Su-Lin Tan | Australian Financial Review
Sentinel Property Group has secured another office complex in the Townsville CBD, paying $15.5 million for the eight-level Central Plaza.
The property at 370 Flinders Street is the ninth addition to the Sentinel Regional Office Trust, now with a combined value of almost $250 million.
Central Plaza is leased to tenants such as Hutchinson Builders, Queensland Government (Public Trustee) and QBE Insurance with a weighted average lease expiry of 4.19 years.
It was acquired at a passing initial yield of 9.38 per cent.
Sentinel sees potential in Townsville, which has planned spending in infrastructure, sporting, mining, defence, health and manufacturing and the new military training agreement between Australia and Singapore.