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Sentinel Property Group has settled the first acquisition for its new Sentinel Homemaker Trust at Nowra on the NSW south coast.
Nowra House & Home, the dominant homemaker centre at Nowra, has been purchased by Sentinel for $15.3 million.
The 8,100sqm retail centre, set on a 18,744sqm site at 28 Central Avenue at South Nowra, is 100% occupied with over 92% of total rental income underpinned by national retailers including The Good Guys, BCF, Pillow Talk, Good Price Pharmacy, Godfreys and Anytime Fitness.
Constructed in 2004, the centre also features on-grade parking for 150 vehicles.
Sentinel Managing Director Warren Ebert said the Nowra property represents the first settled purchase for the new open-ended pooled Sentinel Homemaker Trust, focussed on building a national portfolio of large format retail homemaker centres. He said a second asset for the new Trust is currently awaiting settlement, with a number of further opportunities in the pipeline nationally.
The Sentinel Homemaker Trust is Sentinel's third open-ended pooled Trust following on from the recently launched Sentinel Industrial Trust, which secured its first asset at Newcastle last month, and the Sentinel Countrywide Retail Trust, which comprises seven neighbourhood-style shopping centres in key regional locations.
Sentinel's total national property portfolio now comprises more than 30 retail, industrial, land and office assets in QLD, NSW and VIC and the company is closing in on $1 billion in total assets under management.
