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RetailDinah Lewis BoucherTue 28 Jan 20

Sentinel Property Group Offloads Port Macquarie Office for $37.9m

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Sentinel Property Group has offloaded a recently refurbished office building on the New South Wales mid-north coast to Ascot Capital for $37.9 million.

Sentinel purchased the 6214sq m Port Macquarie office from property fund manager Peter Fahey’s Clarence Property Group for $20.6 million in February 2017, with the latest sale price marking more than an 80 per cent increase, following the upgrades.

The property is 100 per cent leased to Essential Energy, a corporation that operates the state’s electricity network, on a 15-year term.

“We were delighted with the 6300sq m of works completed at Port Macquarie, which included a complete new A-grade office fit out,” Sentinel managing director Warren Ebert said of the group’s value add strategy.

Clarence Property Group paid $1.5 million for the Port Macquarie office complex, at 8 Buller Street, in 2000.

▲ 8 Buller Street Port Macquarie has changed hands for $37.9 million.


In July last year, Sentinel offloaded Brisbane’s Citilink Business Centre for $76 million in Brisbane’s Bowen Hills.

The sale of the 153 Campbell Street building, located opposite the Royal Brisbane Women’s Hospital to superannuation fund Prime Super, concluded after a drawn out campaign that involved legal action.

Sentinel had purchased thee Bowen Hills Centre, spanning a 1.3 hectare site, for $62 million in 2014.

While in May, Sentinel picked up the Makerston House in Brisbane CBD from investment management company Challenger for $103 million.

Established in 2010, the Queensland syndicator has a national portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets.

JLL’s Sam Hatcher and Elliott O’Shea managed the Port Macquarie transaction.

RetailOfficeInfrastructureIndustrialAustraliaReal EstateDeal
AUTHOR
Dinah Lewis Boucher
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Article originally posted at: https://www.theurbandeveloper.com/articles/sentinel-sells-port-macquarie-office-379m