This article is from the Australian Property Journal archive
SENTINEL Property Group has acquired a regional office building at Port Macquarie on the mid north coast of New South Wales for $20.6 million.
The 8 Buller St property was sold by Tim Grosmann of CBRE, on behalf of Clarence Property.
It comprises five-levels over two buildings and is fully leased to the NSW government’s Essential Energy on a new five-year term with a further five-year option.
The two buildings have a total lettable area of 6,214 sqm and 180 space car park, set on a combined site area of 5,042 sqm. The site is ideally suited for potential future residential development given its location and adjoining uses.
Sentinel managing director Warren Ebert said the Port Macquarie property is aligned with the Sentinel Regional Office Trust’s focus on securing well-established, well-leased assets in key locations with strong future growth prospects.
“Port Macquarie is a thriving commercial hub for the NSW Mid North Coast with a hospital, two major shopping centres, a number of schools and a university campus, and is positioned to be a major beneficiary of the continued rise and popularity of this high growth region,” Ebert said. “We believe it is the ideal time to be investing in the region given its growing popularity, surging tourism sector, strong housing and construction activity and infrastructure investment.”
Ebert said there is currently limited supply of office accommodation in Port Macquarie, with the 8 Buller Street property occupying one of the area’s largest freehold commercial footprints.
Clarence Property managing director Peter Fahey said the sale will allow Clarence to pursue other strategic opportunities.
“Our existing partnership with Sentinel paved the way for this transaction, which is beneficial for both parties.
“Sentinel has acquired an asset with a record of solid performance, in a high growth area and this deal will allow Clarence to further bolster its growing residential and development pipeline and move ahead with planning the commencement of its new shopping centre in Lennox Head.” Fahey said.
Australian Property Journal
