This article is from the Australian Property Journal archive
SENTINEL Property Group has added the Mantle Group Hospitality’s East Brisbane commercial kitchen facility to its Industrial Trust in a $4.05 million sale and leaseback deal.
The office and warehouse property spans three lots of mixed-use land area totalling 1,503 sqm at 187 Wellington Road and 50-52 Manilla Street.
C Property’s Carl Charalambous struck the terms of the sale on a yield of 6.5%. Mantle Group is taking a six year triple net lease on the inner city site.
The Sentinel Industrial Trust, which includes assets in Mackay, Townsville, Brisbane, Mayfield in Newcastle and Tuggerah on the NSW Central Coast.
Among the Sentinel Industrial Trust’s most recent additions are a 14,587 sqm facility leased to the Australian Steel Company that became its eighth in the Townsville region, and a nearly two hectare site in Mackay’s Paget with development potential and a large, ready to use building of 4,400 sqm. Both were picked up for sums just below $5 million.
“We believe this was an excellent investment opportunity to secure a tenanted property with development upside only 1.5 kilometres from the Brisbane CBD and close to the multi-billion dollar Cross City Rail Project,” Sentinel executive chairman and chief investment officer, Warren Ebert said.
The 1,046 sqm facility features a large purpose-built commercial kitchen servicing all of the Mantle Group’s hospitality operations.
Established by Godfrey and Jenny Mantle in 1979, Mantle Group, which was established by Godfrey and Jenny Mantle in 1979, operates venues including the Pig ‘N’ Whistle, The Charming Squire and Jimmy’s On The Mall in Brisbane.
Brisbane-based Sentinel has a national portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets with in excess of $1.15 billion.
