This article is from the Australian Property Journal archive
QUEENSLAND government statutory authority Seqwater has leased 1,600 sqm of space within Sentinel Property Group’s 200 Creek St office tower in the Brisbane CBD.
The 10-year deal over levels four and five was handled by Sentinel’s leasing team at $585 per sqm.
Sentinel purchased the 7,603 sqm, ten level property in 2017 for $38 million, and has spent $2.7 million on upgrades to building services, tenant fit-outs and foyer refurbishments. The building is on a 6,211 sqm site with 88 car bays, and is a short distance from Central train Station.
Seqwater’s head office is in Ipswich, but is regaining a presence in the city, and will join the Queensland government, Ramsay Health Care and BMT WBM within the tower.
Brisbane posted a 61% increase to 88,645 sqm of demand in the quarter, according to Colliers.
The 200 Creek St property was an early acquisition for the Sentinel Regional Office Trust, which now has a portfolio of more than $350 million. Sentinel recently added Makerston House to the trust in a $103 million deal that marked its largest-ever acquisition.
Sentinel managing director Warren Ebert said the Sentinel Regional Office Trust was focussed on securing well-established, well-leased assets in strategic locations with strong future growth prospects such as 200 Creek St.
“This building attracts tenants such as Seqwater because it provides modern refurbished office accommodation in a prime elevated location within walking distance to central station, the Brisbane CBD and the Spring Hill medical precinct,” he said.
Brisbane-based Sentinel has been an active player recently. As well as picking up Makerston Place, it has offloaded the Citilink Business Centre in Bowen Hills for $76 million and last week made two industrial plays in the TradeCoast suburb of Hemmant, acquiring a fully-occupied industrial riverfront complex with an adjoining wet lease area for nearly $38 million and divesting a Gosport St site for $17 million to Centuria Industrial REIT.
