This article is from the Australian Property Journal archive
SENTINEL has snapped up another asset in the Mackay region, purchasing a major industrial facility from a private seller for $25 million, for a passing yield of 8.8%.
The facility is located across three separate lots at 27, 45 and 52 Len Shield Street in Paget and is currently leased on a new 10-year term to Kaefer Integrated Services, the Australian subsidiary of German-headquartered Kaefer Group, a global engineering, construction and mining services company.
Spanning 41,217sqm, the asset offers a total building area of 10,400sqm and includes workshops with offices across the three sites, in addition to nine cranes.
The acquisition comes a week after the group’s purchase of Mackay’s Caneland Central Shopping Centre for $280 million from Lendlease.
Sentinel also owner 14 additional industrial assets in Paget, leased to Sandvik, Emeco, Thiess, Bis, Nepean, PBE Rutherford, Scott’s Refrigerated Logistics and Toll Transport.
“Mackay has been an important regional market in the national growth and success of Sentinel since we were established in 2010, and the company has tremendous confidence in the region’s economic future,” said Warren Ebert, CEO at Sentinel.
Sentinel also holds properties in Mackay including the Northpoint Homemaker Centre and the Kings 4WD Supa Centre, the Birch Carroll & Coyle cinemas complex, the adjoining The Hub (Centrelink) office building, and further office building in the CBD.
“Sentinel’s total portfolio in the Mackay region is circa $563 million, which demonstrates our significant commitment to the region, the Mackay community and Sentinel’s expectations for future growth in the Mackay region,” added Ebert.
