The Sentinel Regional Office Trust has purchased The CasCom Centre, 13-17 Scaturchio Street, Casuarina, NT, situated over 6 buildings on a 19,300sqm site with a central car park that houses 270 spaces (1:40 sqm) of which 73 are leased to tenants. The site has development upside with the potential to increase GFA by 8,300sqm under current town plans.
The property is currently 96% leased to longstanding State and National Government departments or affiliates including Red Cross, The Salvation Army, Northern Territory Government and the Bureau of Meteorology. Adjoining the asset is Casuarina Square, the largest shopping centre in NT which recently underwent a $34 million refurbishment.
Located 14 kilometres North of the Darwin CBD, the centre benefits from proximity to the Casuarina Bus Terminal, Charles Darwin University, Royal Darwin Hospital, Darwin Private Hospital and Darwin International Airport. There has seen significant local development such as the approval of a $1.45 billion prawn farm creating 1,600 direct jobs, the recent $85 million airport redevelopment complete in 2015 and the $34 billion Ichthys LNG project, which has a 40 year life. The $680 million Ichthys processing facility is located in Darwin and is expected to be complete by 3rd quarter 2017.
The city is also set to benefit from $5bn of Federal Government funding from the Northern Australia Infrastructure Facility to stimulate development in the region.
Sentinel Regional Office Trust is an open ended Pooled Office Trust also compromising of 11 Argyle Street Newcastle, 200 Creek Street Brisbane, 8 Buller Street Port Macquarie, Jacana House Darwin, 139 Grafton Street Cairns and Arnhemica House Darwin.