This article is from the Australian Property Journal archive
SENTINEL Property Group has boosted its Port of Newcastle landholding, buying a vacant, development-ready site adjacent to an existing industrial asset in Mayfield that takes its footprint in the area to 50 hectares.
Lot 6, 71 Industrial Dr covers 10.16 hectares and is next to Sentinel’s 51 Industrial Dr property, which Sentinel bought in 2015 for $31 million as the first asset for the open-ended, pooled Sentinel Industrial Trust, a portfolio now worth more than $230 million.
Sentinel paid $3.5 million in the latest deal.
“Securing one of the larger freehold industrial land holdings offered in the region next to our existing asset provides Sentinel with a 125 acre (50 hectare) landholding in a prominent position within the strategic Port of Newcastle precinct and with considerable value-add opportunity,” managing director, Warren Ebert said.
The property has a SP1 special activities zoning, which provides for a range of uses including industrial activities, neighbourhood shops, port related activities, emergency response facilities.
Ebert said excellent road infrastructure services the broader area, including Industrial Dr and the Pacific Hwy, which provide links to the New England Hwy, Hunter Exp, and M1 Pacific Hwy.
This is Sentinel’s fourth acquisition in the Hunter region. The group also owns a Bunnings-anchored homemaker centre at Heatherbrae, an office building at 11 Argyle St in the Newcastle CBD and the 51 Industrial Dr property, which is home to Liberty One Steel and other industrial businesses.
“Sentinel is excited about the potential in Newcastle with the city undergoing major renewal with infrastructure projects such as the light rail, the new CBD University of Newcastle campus and also the Hunter region’s proximity to Sydney’s major attractions,” Ebert said.
