SENTINEL SNAPS UP TOWNSVILLE ASSET FOR $5.4M
SENTINEL Property Group has boosted its growing industrial portfolio in North Queensland with the purchase of a key facility in Townsville for $5,416,550.
Sentinel snapped up a strategic Townsville holding leased to Asx-listed transport and logistics company K&S Corporation at 2-6 Curly Crescent, Roseneath, through Knight Frank’s Paul Dury and Mark Fitzgerald on a yield of 9.28 per cent.
Sentinel executive chairman and chief investment officer Warren Ebert said the property would be added to the Sentinel Industrial Trust, which includes assets in Mackay, Townsville, Brisbane, Mayfield in Newcastle and Tuggerah in NSW.
Mr Ebert said Sentinel was able to pay cash for the Roseneath asset after recently offloading a major office/warehouse facility with a long-term tenant at Canning Vale in
Perth’s southeast $12,405,000.
“The Canning Vale property was also part of the Sentinel Industrial Trust so that sale has enabled us to immediately continue further acquisition of industrial assets in North Queensland,” Mr Ebert said.
“Sentinel has invested heavily in North Queensland which we believe is a region with a fantastic decade ahead.
“We are now holding more than $100m of assets in for
Townsville which has fared better through the pandemic than capital cities.”
The Roseneath asset, which is leased until May, 2024, is on a land area of about 14,000 sqm with a building area of about 639 sqm.
Established in 2010, Brisbane-based Sentinel has a total national portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets with a total value in excess of $1.17b.