Sentinel welcomes Darwin/NT investors to invest in Casuarina

February 9, 2022

NT News | Camden Smith

The $400m sale of Casuarina Square to Sentinel Property Group will net the cash­-strapped Territory govern­ment a cool $23.6m in stamp duty revenues.

The sale, announced last week and expected to be final­ised on February 28, is one of a number of windfall sales that have bolstered the Territory’s coffers over the past few months.

Late last year, Western Aus­tralian cattle baroness Gina Rinehart sold the Willeroo Sta­tion and Aroona Station, both south of Katherine, for a com­bined $60m and in September the Territory’s Venturin family paid $16m for the Mitchell St’s Darwin Transit Centre.

The combined stamp duty from those three sales is an extra $4.5m.

Last week Sentinel Property executive chairman Warren Ebert told the NT News the Casuarina Square purchase was the nation’s largest com­mercial sale north of Brisbane. Sentinel has made a strong investment commitment to the Territory – and Northern Aus­tralia – and already owns as­ sets including the CasCom Centre, Jacana House and Wishart cold store.

And if Sentinel fulfils its vi­sion for Australia’s north Cas­uarina Square, suburban Casuarina and Darwin will grow even bigger.

“We can double the size of Casuarina under the current town plan and then as we go on I’d expect we’d get approval to turn it into a Town Centre because Casuarina must grow in order for Darwin to grow,” Mr Ebert said.

“If the Northern Territory is going to get another 35,000 jobs between now and 2030, the rule of thumb is each new job has a multiplier effect of three to five jobs. What you get with a job is the person’s wife or husband, their children and then they go on to create work at restaurants and shops.

“The rule of thumb is three to five people so if there’s 35,000 jobs that’s a total of 150,000 extra people up to the Northern Territory and at the moment slightly over 50 per cent of the Northern Territory live in Darwin.”

Meanwhile, Sentinel says there is an opportunity for Ter­ritory investors to get a share in Casuarina Square with $10m still unfunded available to so­ called sophisticated investors.

“We’ve still got about $10m that we’re selling,” he said. “We have already about 12 in­vestors in Darwin who have in­vested in CasCom and Jacana House and now we’re buying other products and we regu­larly meet with those investors and take them for dinner. Some have been with us six or seven years.

“We’re keen to get more Darwin people investing.

“The minimum is $100,000 and most people invest through their own self-man­aged super funds.”


Download the Article

Request an Investor Information Pack

To take the next step, please call us on 07 3733 1660 or submit the form below.

Register Your Interest