Sentinel divests balance of Brisbane business park
Sentinel has sold the balance of a Brisbane business park held 14 years.
The Warren Ebert backed fund manager is reaping $29.165 million for the 5.1 hectare industrial asset, 1-19 Enterprise Street, Cleveland.
With two warehouses containing a total 19,487 square metres, Harvey Norman and Barton Motors are the key tenants.
Centennial is the buyer; the asset is earmarked for the Cleveland Industrial Trust, a single asset fund which closed oversubscribed after calling on investors last month.
CG Property’s Michael Callow and Jonathan Burrows with Colliers’ Simon Beirne, James Wilkie and Angus Yule, were the agents.
The result is being reported elsewhere as $31.165m (story continues below).
The deal comes 22 months since Sentinel sold the 4.5ha balance of the estate – the Cleveland Business Park (marked, image, Lot 3) – to the Australian Unity Healthcare Fund, for $37.74m – settling in February.
In its May reporting, AU discounted the price of this asset to $36.45m citing a softening of the capitalisation rate.
Sentinel paid $19.7m for the amalgamation.
Cleveland is about 30 kilometres east of Brisbane’s CBD.
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