This article is from the Australian Property Journal archive
DESPITE uncertainty surrounding Adani’s Carmichael project, Sentinel has paid $28.6 million for Townsville’s River Quays building, the regional headquarters of Adani Group and Galilee Basin engineers Aecom.
It followed the group’s first Perth acquisition, the 18,771 sqm office and warehouse site in Canning Vale for $10.1 million.
Doubts about Adani’s Carmichael coal and rail project going ahead did not shake Sentinel’s faith in the North Queensland economy, with managing director Warren Ebert confident it was set to boom.
“I’m comfortable enough that other things are happening so even if Adani doesn’t happen, there’s still good upside in that market,” he said.
River Quays, located on Tomlins Street, has become the eight asset to be placed in the Sentinel Regional Office Trust over the last 14 months, taking the trust’s combined value to more than $231 million.
In October, Sentinel took its investment in Darwin within 12 months to more than $100 million with the purchase of Arnhemica House, fully leased to the Northern Territory government.
Australian Property Journal
