This article is from the Australian Property Journal archive
SENTINEL Property Group has purchased the Nowra House & Home on the NSW south coast from Arkadia for $15.3 million to seed a new trust.
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-qformat:yes;
mso-style-parent:”;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:”Calibri”,”sans-serif”;
mso-fareast-font-family:Calibri;}
Located at 28 Central Avenue at South Nowra, 160km south of Sydney, the homemaker centre will be owned by the new open-ended pooled new Sentinel Homemaker Trust.
The property comprises 8,100 sqm set on a 18,744 sqm site and is 100% occupied with over 92% of total rental income underpinned by national retailers including The Good Guys, BCF, Pillow Talk, Good Price Pharmacy, Godfreys and Anytime Fitness. Constructed in 2004, the centre also features on-grade parking for 150 vehicles.
Sentinel managing director Warren Ebert said this is the first settled purchase for the new trust, which is focussed on building a national portfolio of large format retail homemaker centres.
He added that a second asset for the new trust is currently awaiting settlement, with a number of further opportunities in the pipeline nationally.
The Sentinel Homemaker Trust is Sentinel’s third open-ended pooled trust following on from the recently launched Sentinel Industrial Trust, which secured its first asset at Newcastle last month, and the Sentinel Countrywide Retail Trust, which comprises seven neighbourhood-style shopping centres in key regional locations.
Sentinel’s total national property portfolio now comprises more than 30 retail, industrial, land and office assets in QLD, NSW and VIC and the company is closing in on $1 billion in total assets under management.
The Nowra House & Home sale was negotiated by Carl Molony of Stonebridge Property Group.
Australian Property Journal
