Sentinel Reaps $89m from Portfolio Sale
Warren Ebert's Sentinel Property Group has completed the final sale of the retail asset portfolio it listed in 2017 for a combined total of $89.05 million.
The assets include large format retailers at Ipswich in South East Queensland, Dandenong in Melbourne and Nowra in southern NSW.
[Related reading: Sentinel Lists Three Major Retail Assets in Melbourne and Sydney]
The property group, which manages more than $1 billion in funds, sold the Dandenong Home Quarter in Melbourne’s south east and the Ipswich Homebase to national property fund manager Primewest for a total purchase price of $68.75 million in late November.
The Nowra House & Home asset was sold to a private investor for $20.3 million.
The Ipswich Homebase was the longest held of the three Sentinel assets, purchased in February 2013 for $23.5 million and sold for $36.25 million, achieving an internal rate of return of 26.76 per cent.
“The large format retail sector continues to perform, particularly in high-growth, well-established locations such as Ipswich, Dandenong and Nowra,” Sentinel managing director Warren Ebert said.
“The fact that these centres maintain full occupancy underwrites the interest from high-profile retailers to have exposure in this style of asset, in these locations.”
[Related reading: Sentinel Disposes of Banyo Facility for $37 Million]
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