Sentinel scores a deal for added northern exposure
May 15, 2020
Sentinel Property Group has boosted its regional Queensland commercial property portfolio with the acquisition of its third office complex in Townsville.
The Brisbane-based fund manager has paid $10,974,545 for a four-level building directly across from the newly-opened North Queensland Stadium.
The property at 19 Stanley St has been purchased at a highly competitive passing net yield of 8.71 percent with a weighted average lease expiry (WALE) by income of 3.1 years. It will be part of the Sentinel Regional Office trust, which includes a portfolio of office buildings in Townsville, Cairns, Brisbane, Darwin and Newcastle.
The asset was acquired from a private seller in a deal negotiated by Neville Smith from Colliers International. It features a strong tenant profile, including the Commonwealth Government, Incitec Pivot and Rabobank.
The building comprises a net lettable area of 2576sq m and adjoins a three-level parking facility with 134 parking bays. Sentinel’s other Townsville office assets include Central Plaza at 370 Flinders St and River Quays, the property known locally as the Telstra building at 3-17 Tomlins St and is the national headquarters of Adani.
“IT’S THE EPICENTRE OF $22 BILLION IN PROJECTS” – Warren Ebert
Sentinel managing director Warren Ebert said the group was excited to add 19 Stanley St to its growing office, retail and industrial investment portfolio in North Queensland.
“The property provides three levels of commercial accommodation with a total of eight tenancies, which benefit from direct views to Ross Creek and the North Queensland Stadium, which looks fantastic and will provide a catalyst for urban regeneration in Townsville.” he said.
“Surrounding developments include commercial office buildings and residential apartment buildings, with the CBD McDonald’s situated directly across from the building.”
Mr Ebert said Townsville was at the epicentre of more than $22 billion worth of projects within the infrastructure, sporting, mining, defence, health and manufacturing sectors. “Some of the significant benefits to the region include Port of Townsville Expansion Project, the military training-agreement between Australia and Singapore, and the RAAF Base upgrade,” he said.
PHIL BARTSCH – Courier Mail