Sentinel Property Group buys Crestmead asset for industrial fund
March 1, 2018
Brisbane-based Sentinel Property Group has acquired an office-warehouse at 116 Magnesium Drive, Crestmead, south of Brisbane, for $9.6 million.
The 6159 sq m property on a 1.6-hectare site will sit in the group’s Sentinel Industrial Trust, which also holds properties in Pinkenba and Oxley in Brisbane, Canning Vale in Perth, Paget in Mackay, Garbutt in Townsville, Mayfield in Newcastle and Tuggerah on the NSW Central Coast.
The Crestmead property, which is leased to gates and fencing manufacturer Oxworks, was sold at a passing initial yield of 8.82 per cent. The site can also be strata-titled into three separate lots.
CBRE’s Jack Pershouse and Ed Bull brokered the deal.