This article is from the Australian Property Journal archive
SENTINEL Property Group has beefed up its bulky goods property portfolio with the acquisition of the Springwood Centre for $14.925 million.
The property was acquired by the Sentinel Springwood Retail Trust.
Located at 1-15 Lexington Rd, 19km south of Brisbane. The 10,289 sqm centre is set on a site area of 22,907 sqm with onsite parking for 258 car parks. It is tenanted by Ontic Health & Fitness, Sam Riley Swim Schools, Lollipops Playland, RSPCA Superstore, Veterinary Specialist Services and Stratco.
The property has a weighted average lease expiry of 5.04 years by income, consistent income growth with structured annual reviews generally fixed at 3% to 5% and offers an excellent future redevelopment opportunity with potential for up to 20 storeys.
Sentinel’s managing director Warren Ebert said the location, solid tenancy mix, large site area and future development potential made the Springwood Centre a perfect fit for Sentinel’s growing property portfolio.
“This is our ninth retail asset which shows we have a positive outlook for the retail market, in particular the bulky goods sector in which we have been most active.
“The fundamentals of a large ‘big box’ retail site such as this, positioned directly on a major motorway in a high-growth location, are undeniable and will always be in demand from major retailers seeking space, exposure and access,” he said.
Sentinel now owns five retail properties in Queensland at Springwood, Ipswich, Rothwell and Mackay (2); three in New South Wales; and one in Victoria.
The Springwood purchase brings Brisbane-based Sentinel’s total national portfolio to 20 office, industrial and retail properties with a combined value of more than $400 million.
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