Sentinel picks up major FKG site
A MAJOR construction and civil engineering company based in Toowoomba has sold a massive industrial warehouse site to a top investment firm for $11m.
FKG Group has divested from its complex on Gardener Court in Wilsonton, selling the 1.6-hectare property to Brisbane’s Sentinel Property Group.
FKG Group, which built the property in 2005, will remain as the major tenant.
The site features a broad range of tenants from several industries, offering a weight average lease length of just under four years. Sentinel executive chairman Warren Ebert said he was excited by the deal.
“Sentinel is delighted to acquire our first property in Toowoomba for the Sentinel Industrial Trust, an outstanding portfolio which includes assets in Mackay, Townsville, Brisbane, Mayfield in Newcastle and Tuggerah on the NSW Central Coast,” he said.
“We believe this was an excellent investment opportunity to secure a tenanted property in the Wilsonton industrial precinct in Toowoomba with direct access to Boundary Street and the Toowoomba Second Range Crossing.
“Wilsonton is close to the Toowoomba Enterprise Hub, which is one of the most significant transport, logistics and business hubs in Australia, encompassing Wellcamp International Airport as well as major multi-modal freight facilities.
“The Toowoomba region has a significant development pipeline, with almost $600 million worth of infrastructure, commercial, industrial and residential projects having commenced in the first half of 2021.”
The deal comes amid revelations this week of a bitter split between Mr Ebert and his daughter Stacey Jones, with the former set to go out on his own before the end of the year.
The company has an asset base of more than $1.3b across 60 properties.