The Sentinel Regional Office Trust has purchased 8 Buller Street, Port Macquarie, NSW. The property is a 4-star NABERS rated building consisting of two connected freestanding office buildings offering a combined net lettable area of 6,214sq m with 180 car park bays (1:35sq m). The property is 100% leased to Essential Energy, a NSW Government funded corporation that builds, operates and maintains the NSW electricity network.
Essential Energy has commenced a new 5-year lease term (plus 5-year option) expiring in November 2021. At least $1,040,000 is set to be spent over the term of the lease on refurbishments funded through an adjustment of monies payable by the vendor at settlement.
There is a lack of good quality corporate office accommodation in Port Macquarie with only one other major complex in the City. The property is situated on a 5,042sq m site located in a residential precinct that has been zoned to allow high density residential development.
Port Macquarie has a gross regional product of $3.984 billion (ABS, 2106) with the town selling more products and services to customers outside of the LGA (approx. $1.75 billion) than is imported ($1.36 billion), which is considered to be an outstanding performance for a regional economy (Remplan, 2016). Port Macquarie is also set to receive over $200 million worth of major infrastructure projects in the near future.