Townsville Bulletin

Sentinel snaps up centre


SENTINEL Group has extended its holdings in regional Queensland with the purchase of a Coles supermarke­t-anchored neighbourh­ood shopping centre in Moranbah for $28m.

The Moranbah Fair shopping centre, which provides a key piece of social infrastruc­ture and amenity for the coal-mining region, will be added to the Sentinel Diversifie­d Investment Trust, which includes The Hub @ Greenfield­s commercial complex in Mackay.

The purchase from Elanor Investors Group showed a yield of 8.47 per cent with the transactio­n negotiated by Sam Hatcher and Jacob Swan from JLL.

The 7058sq m shopping centre site includes a freestandi­ng KFC pad site and is supported by 16 specialty shops including Telstra, The Reject Shop, TSG, Priceline pharmacy and Anglo American.

Sentinel executive chairman and chief investment officer Warren Ebert said the group was excited to acquire an important facility in the strongly performing regional centre.

“Moranbah is a key town in the Isaac region in central Queensland with a growing economy associated with essential commoditie­s such as mining and agricultur­e,”

Mr Ebert said. “The gross regional product has increased by approximat­ely 120 per cent since 2015, compared to 13 per cent for Queensland and 10 per cent for Australia over the same period.

“The Isaac region is underpinne­d by approximat­ely 24 operationa­l mines, producing 42 per cent of Queensland’s saleable coal.

“The recently approved $1bn Olive Downs coal mine project is located about 40km south of Moranbah and will create more than 1500 local jobs, generating more than $8bn to the local economy and more than $10bn to Queensland’s economy.”

Mr Ebert said Moranbah Fair was the only full-line supermarke­t within about 160km.

“Coles has a 15-year lease in Moranbah Fair, which expires in 2028, with two fiveyear options,” Mr Ebert said.

“National tenants represent more than 70 per cent of gross passing income with strong weighted average lease expiry by income of five years and a low vacancy rate of 2.6 per cent with strong leasing interest on the vacancies.”

Establishe­d in 2010, Brisbane-based Sentinel has a national portfolio of more than 55 retail, industrial, office, land, tourism infrastruc­ture and agribusine­ss assets with a total value in excess of $1.2bn.

 ??  ?? Sentinel has acquired the Moranbah Fair shopping centre for $28m.
Sentinel has acquired the Moranbah Fair shopping centre for $28m.

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