Sentinel Property Group has sold a NSW mid-north coast office asset for 84 per cent more than what it paid less than three years ago
January 15, 2020
A Queensland-based syndicator has notched up a big profit for its investors after selling a NSW office building for almost double than what they paid for it.
One of Queensland’s largest syndicators has sold an office building on the NSW mid-north coast it purchased less than three years ago for a multimillion-dollar windfall.
Sentinel Property Group sold the refurbished office building at 8 Buller St, Port Macquarie, for $37.9 million, having purchased it from the Ballina-based Clarence Property Group’s managed Westlawn Property Trust for $20.6 million in 2017.
The sale was 84 per cent more than what Sentinel originally paid for the building.
Sentinel and Clarence have a long history having become partners in the purchase of The Rocket office tower in Robina on the Gold Coast through their respective property trusts.
The 4-Star NABERS rated office building at Port Macquarie, was sold to Ascot Capital through JLL’s Sam Hatcher and Elliott O’Shea following an upgrade which included an A-grade office fit-out.
The property was part of the Sentinel Regional Office Trust and is 100 per cent leased to Essential Energy, a NSW Government funded corporation that builds, operates and maintains the NSW electricity network.
The building was sold with a 15-year lease to Essential Energy.
Sentinel managing director Warren Ebert said the sale was a tremendous result for Sentinel investors and showcased the group’s strategy of always looking to add value to its properties where possible.
“Sentinel has an enviable track record of adding value to its assets and working closely with tenants to improve amenities and we continue to undertake initiatives to add value to all of our properties,” he said.
“We were delighted with the 6300sq m of works completed at Port Macquarie, which included a complete new A-grade office fit out as well as end of trip facilities including change rooms, lockers and bicycle racks.
“The works also included installation of new airconditioning units, upgrade of all switchboards, new base-build carpets, ceiling grids and LED lights throughout plus two new lifts.”
The Sentinel Regional Office Trust has a portfolio of properties worth more than $300 million including 30 Makerston St in the Brisbane CBD, 11 Argyle St, Newcastle, The CasCom Centre at Casuarina in Darwin, 200 Creek St, Brisbane, 139 Grafton St, Cairns, and Central Plaza and River Quays in the Townsville CBD.
Established in 2010, Brisbane-based Sentinel has a total national portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets in Queensland, NSW, Victoria, Western Australia, the Australian Capital Territory and the Northern Territory with a total value in excess of $1.2 billion.