This article is from the Australian Property Journal archive
SENTINEL Property Group is expanding its presence in Darwin’s largest and most successful shopping centre precinct, with the $17.15 million acquisition of the Casuarina All Sports Club.
Adjoining Sentinel’s Casuarina Square asset, the sports club sits at on a 8,310sqm site at 269 Trower Road and is fully leased to Casuarina All Sports Incorporated until July, 2030.
Established in 1995, the Cas Club boasts 55 gaming machines, Keno and full TAB facilities in a fully air-conditioned space.
Peter McVann and Matthew Knight from Knight Frank negotiated the deal, between Sentinel and the vendor, a private investor, for a yield of circa 7.0%.
The Cas Club acquisition is part of Sentinel’s long term plans to develop Casuarina into a town centre, following its $418 million purchase of Casuarina Square earlier this year, in the group’s largest property deal since its 2010 launch.
“Casuarina Square completely dominates its market and receives more than eight million visitors a year,” said Warren Ebert, CEO at Sentinel Group.
“We have identified a tremendous opportunity to add value to the complex and grow Casuarina Square as both a retail centre and an employment node. Part of these plans has been seeking approval to move the Casuarina bus interchange to free up an area of approximately 54,000 sqm for redevelopment.”
Cas Club will be part of the group’s Casuarina Investment Fund, which also owns the shopping centre. While the Sentinel Regional Office Trust owns the adjoining CasCom Centre, a 19,000sqm six building business park.
“The club is very well located adjacent to Casuarina Square and the Cascom Centre, which is the main commercial precinct located outside of the Darwin CBD,” added Ebert.
“Darwin is undergoing enormous change including development and ongoing infrastructure works as the population continues to grow which is attracting considerable investor interest particularly in the main commercial precincts of Darwin and Casuarina.”
In August, Casuarina itself was named as the most affordable tenant-friendly suburb in Australia, in RentRabbit.com.au’s Tenant Opportunity Report.
