Sentinel ramps up Townsville exposure
January 29, 2021
A LEADING syndicator has banked on continued strong growth in the Townsville economic region with the purchase of its eighth property in the area.
Sentinel Property Group paid $4.63m for the office/ warehouse at 99-109 Crocodile Crescent, Mount St John, in a deal struck by Burgess Rawson’s Glenn Conridge.
Executive chairman Warren Ebert said the land-rich 1.4ha asset would be placed in the Sentinel Industrial Trust.
“Sentinel has more than $100m of assets in Townsville and we are looking for more to add to our portfolio,” he said.
“We’re heavily invested in North Queensland, which we believe is a region with a fantastic decade ahead of it. Townsville, in particular, is a city which has fared well during the pandemic in comparison to other Australian cities.”
The property, which features a 3300sq m office/warehouse, was acquired with a passing yield of 7.51 per cent.
It is leased to the Australian Reinforcing Company who recently agreed to a five-year lease extension. According to CoreLogic it last changed hands in 2016 for $3.433m.
Established in 2010, Brisbane-based Sentinel has a national portfolio totals more than $1.18bn.