Sentinel beefs up Mackay portfolio5 January 2024
Sentinel Property Group has continued to demonstrate its confidence in the Mackay region, with the purchase of a freehold office building in the heart of the city centre.
The investment manager paid $3.2m for the 1295sq m office building at 110 Wood St and it will be part of the Sentinel Regional Office Trust, which includes 12 assets in a $417.4m. portfolio.
The property was sold by the Churches of Christ, who have leased back 410sq m of office space. The property was marketed by Colliers.
According to CoreLogic it last changed hands in 2017 for $2.8m.
Sentinel is currently working with a major prospective tenant to lease the remainder of the property, which has exposure to Wood St.
The building is on a land area of 2023sq m and the property offers 39 parking bays.
It is within walking distance to Mackay Entertainment and Convention Centre and the Sydney Street Market Centre and is in the main cafe precinct within the CBD.
Sentinel has invested heavily in Mackay over the years, with its major acquisition the purchase of the market dominant Caneland Central shopping centre last year for $280m.
Sentinel finished off 2023 by raising more than $50m from investors in order to purchase of the two office buildings in Botanicca Corporate Park in Richmond, Melbourne $80m from ASX-listed GARDA Property Group.