Sentinel adds to WA holdings
SENTINEL Property Group has made its first foray into Perth, acquiring a warehouse/office facility on a significant site at Canning Vale in the city’s core southern industrial precinct for $10.1 million.
Queensland-based Sentinel purchased the substantial 18,771sq m property at 13 Modal Cres, Canning Vale, which is fully leased to Timberlink Australia, a subsidiary of New Forests.
The facility was secured from Warrington Property through Knight Frank for a net passing yield of 9.9 per cent.
The Canning Vale property adds to Sentinel’s pooled Industrial Trust portfolio which includes properties at Mayfield in Newcastle, Tuggerah on the NSW Central Coast, Pinkenba and Oxley in Brisbane and Paget in Mackay.
The trust is forecast to pay a monthly distribution to investors of 8.0% per annum in year one.
Canning Vale is Sentinel’s third investment in WA, along with the Geraldton Homemaker Centre – bought for $27.3 million in 2015 – and the Port Hedland Boulevard Shopping Centre, which it paid $17.5 million for last year.
Sentinel managing director Warren Ebert said the group was keen to secure more commercial assets in WA after snapping up its first Perth property.
“The WA industrial market continues to experience strong demand from domestic and international investors for investment grade industrial assets,” he said.
The Modal Crescent facility was constructed in 2007 and comprises a 5477sq m warehouse with a 2296sq m awning. The facility also incorporates a significant hardstand component, office/amenities building, and 62 car spaces.
The property is adjacent to the Roe Highway, and is strategically located 13.5 km south of the Perth CBD, 4km from Jandakot Airport and 14km from the Perth Airport.