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.
Sentinel Regional Office Trust is an open ended Pooled Office Trust also compromising of 11 Argyle Street Newcastle, CasCom Darwin, 200 Creek Street Brisbane, Jacana House Darwin, 139 Grafton Street Cairns and Arnhemica House Darwin.