River Quays joins growing portfolio for property group
SENTINEL Property Group has purchased River Quays, a Townsville CBD commercial office building with major national and international tenants, for $28.6 million.
The acquisition of River Quays, 3-17 Tomlins St, Townsville, is the eighth addition to the Sentinel Regional Office Trust over the past 14 months with a combined value of more than $231 million.
The forecast distribution to Sentinel Regional Office Trust investors is 9.5 per cent per annum from year one (paid monthly).
The Sentinel Regional Office Trust also comprises 11 Argyle St, Newcastle, The CasCom Centre at Casuarina in Darwin, 200 Creek St, Brisbane, 8 Buller St, Port Macquarie, Jacana House and Arnhemica House in Darwin and 139 Grafton St, Cairns.
Sentinel managing director Warren Ebert said the group was excited to add another asset to the Sentinel Regional Office Trust and to its investment portfolio in Townsville, which also includes the OneSteel Reinforcing industrial warehouse at Garbutt and the Woodlands shopping centre at Deeragun.
Mr Ebert said he was confident about the economic outlook for Townsville with the city and surrounding regions poised to benefit from massive infrastructure, defence and mining projects.
“Townsville is Australia’s 13th largest city and is at the epicentre of more than $22 billion worth of projects within the infrastructure, sporting, mining, defence, health and manufacturing sectors,” he said.
The seven-storey River Quays building, which was purchased in a deal negotiated by Quinlan Property Group’s John and Michael Quinlan, and CBRE’s Peter Court and Mike Walsh, offers a net lettable area of 9414sq m and is leased to national and global tenants including the Commonwealth Department of Agriculture, Telstra, Adani and Aecom.