Investment
Status

Full

Purchase
Price

$17.6M

Date of
Purchase

Nov '16

Current Net
Distribution Dec '18

9.50%

About Sentinel Countrywide Retail Trust


The Countrywide Retail Trust has purchased the Port Hedland Boulevard Shopping Centre, a 6259sq m neighbourhood shopping centre anchored by Woolworths on a 20-year lease expiring 2028 (plus 2 x 5 year options).

National tenants represent approximately 70% of Gross Passing Income. In addition to Woolworths, national retailers include Harvey Norman, Chicken Treat and Smokemart & Gift Box, cumulatively representing 76% of GLA. The centre boasts a low vacancy rate of 2.5% with an 18-month rental guarantee provided over the single vacancy.

Port Hedland is home to the world’s largest bulk minerals port, which is Australia’s largest export port by annual throughput – exporting over 58% of Australia’s total iron ore exports and forecast to increase 7% in FY17. Recent events in the Chinese market have seen demand for iron ore strengthen and it is believed that prices will be maintained over the next 12 months (AFR, 2016). Pilbara Ports Authority have forecast a 16% uplift in shipping capacity to be delivered to the Port in the next 3 years (Ingram, 2015).

Altura Mining’s Pilgangoora lithium mine, due to commence operations Q3 2017, is located 90km south of Port Hedland and will ship a targeted 18.47 million tonnes of probable ore reserves across the 14-year life of the mine from the port. The project is expected to generate $120 million in earnings per annum (Altura, 2016).

The Sentinel Countrywide Retail Trust is an open ended Pooled Trust also compromising of Riverdale Shopping Centre Dubbo, The Plaza @ Emerald and The Village @ Emerald, Woodlands Village Townsville, Bathurst Chase Shopping Centre, Westside Plaza Broken Hill and Big W Atherton Cairns.

Location


Sentinel Countrywide Retail Trust

150 Anderson Street, Port Hedland WA 6721

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