This article is from the Australian Property Journal archive
SENTINEL Group has boosted its portfolio in Australia’s Top End with the $4.5 million purchase of a prominent retail showroom and warehouse investment with two national tenants in Darwin.
RSEA Safety and Clark Rubber occupy 639 Stuart Highway in Berrimah, which was acquired from a private investor on a passing yield of 8.5% through Peter McVann of Knight Frank Darwin.
The property is on a 3,280 sqm site with 48 metres of highway frontage.
Sentinel executive chairman and chief investment officer, Warren Ebert said Sentinel had great confidence in the economic future of the Northern Territory and that it had “an enormous decade ahead of it”.
Sentinel has already invested more than $110 million into the Top End, and owns Jacana House, a prominent office building in the Darwin CBD, Arnhemica House in Parap and the Cascom Centre Business Park at Casuarina in Darwin’s north.
“Sentinel has been looking at more acquisitions in Darwin and the retail centre in Berrimah was an exceptional opportunity to purchase a showroom/warehouse with national tenants offering outstanding returns,” Ebert said.
The Berrimah property was built in 2014 and features a net lettable area of 1,560 sqm with net passing annual income of $382,542 and a weighted average lease expiry of 2.47 years. It is located in a large format retail zone featuring Harvey Norman, Amart Furniture and car dealerships.
“The asset is strategically positioned on the southern gateway to Darwin’s future population growth regions,” Ebert said.
Brisbane-based Sentinel has a national portfolio of more than 55 retail, industrial, office, land, tourism infrastructure and agribusiness assets with a total value in excess of $1.2 billion.
