Sentinel shows healthy demand for medical clinics


March 29, 2021

SENTINEL Group has acquired three regional medical centre assets for $22.6 million, bringing its Mackay and Townsville portfolio to more than $250 million.

The GP Super Clinics, all three of which are located in the Mackay region and leased to Gp Mx Solutions, were purchased for $22,629,343 at a 6.52% yield. With the assets to be part of Sentinel’s newly established Sentinel Multi-Sector Income Trust.

With the acquisitions negotiated by Shalain Singh and Chris O’Driscoll from Colliers International, two of the clinics, located at Walkerston and Ooralea, hold 14-year leases, while the third at Rural View has a 10-year lease to Gp Mx Solutions.

“Mackay has been an important regional market in the national growth and success of Sentinel over the past decade and the company has tremendous confidence in the region’s economic future,” said Warren Ebert, executive chairman and chief investment officer, Sentinel.

“Regional Queensland centres such as Mackay have outpaced Brisbane’s growth and market conditions continue to strengthen, driven by diversified sectors including mining, agribusiness, construction, education, logistics and tourism.”

These acquisitions come after the group’s recent purchase of an East Brisbane commercial kitchen facility in a $4.05 sale and leaseback deal.

While at the end of 2020 Sentinel continued to expand its Mackay and Townsville footprint with the purchase of a Mount St John industrial facility for $4.63 million and the $4.9 million purchase of a vacant industrial site in Paget.

Nationally, Sentinel has a current portfolio worth of over $1.17 billion, with over 55 assets in the retail, industrial, office, land, tourism infrastructure and agribusiness sectors.

 

Hannah Page, Australian Property Journal

 

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