This article is from the Australian Property Journal archive
THE owner of Adani’s national headquarters and Central Plaza, Sentinel Property Group has added a third asset to its Townsville office portfolio, paying nearly $11 million for a four level building directly across from the newly opened North Queensland Stadium.
The property at 19 Stanley St will be placed in the the Sentinel Regional Office Trust, which also has assets in Cairns, Brisbane, Darwin and Newcastle. It has a net lettable area of 2,576 sqm and adjoins a three level parking facility with 134 parking bays.
Leased to eight tenants headlined by the Commonwealth Government, Incitec Pivot and Rabobank, the Stanley St property traded at a passing net yield of 8.71% with a weighted average lease expiry by income of 3.1 years.
Neville Smith of Colliers managed the deal on behalf of a private seller, for a figure of $10,974,545.
The building is surrounded by modern commercial offices and residential apartment developments, and the CBD McDonalds is situated directly across from the building.
Sentinel’s Townsville office building portfolio also includes Central Plaza at 370 Flinders St and River Quays, the property known locally as the Telstra building at 3-17 Tomlins St, home to Adani.
Sentinel managing director, Warren Ebert said the Townsville is at the epicentre of more than $22 billion worth of projects within the infrastructure, sporting, mining, defence, health and manufacturing sectors.
“Some of the significant benefits to the region include the Port of Townsville Expansion Project, the military training agreement between Australia and Singapore, and the RAAF Base upgrade,” Ebert said.
The Sentinel Regional Office Trust also comprises Makerston House in Brisbane, 11 Argyle St, Newcastle, The CasCom Centre at Casuarina in Darwin, 200 Creek St, Brisbane, 20-24 Wirraway Parade, Inala, Jacana House and Arnhemica House in Darwin and 139 Grafton St, Cairns.
Over the summer, the trust sold off the Port Macquarie office building leased to Essential Energy, which it overhauled to A grade quality during its three years of ownership.
