Sentinel Property Group and Ascot Capital has sold an industrial site in Crestmead, south of Brisbane, for $15.96m.
The property at 102 Magnesium Drive, Crestmead QLD was a vacant parcel of land when Sentinel acquired it for $2.9m in 2019. The group then developed a facility for manufacturing company Oxworks, a fence and gate maker.
The 16,790sqm developed property now comprises an 8,000sqm industrial warehouse with an 800sqm office.
Oxwords entered into a 10 year lease with 2 five year options providing the purchaser with a 6.3% passing yield.
Established in 2010, Sentinel has a $1.15 billion portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets. Sentinel were an active buyer in 2017 to 2019 with 11 major investments worth over $355m. Since mid 2019, the group has mostly been selling assets including regional assets in Dubbo and Port Macquarie and an Industrial property in Hemmant.
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