Sentinel flips Mackay office after refurb, relet
Unitholders in a Sentinel trust have turned a healthy profit selling a Mackay office after just over two years and a renovation.
Also offered with a valuable new seven year lease to the state government, 110 Wood Street collected $8.05 million from a local private investor.
A single level building contains 1295 square metres in two tenancies.
The 2023 sqm Principal Centre zoned site contains 39 car parks.
Sentinel paid $3.2m in late 2023, for the Sentinel Regional Office Trust, an open-ended pooled fund also with assets in Brisbane, Cairns, Darwin, Newcastle and Townsville.
Burgess Rawson from CBRE’s Neville Smith managed the on sale (continues below).
“This transaction is indicative of Sentinel’s strategy of buying property at the right time and the adding value,” Sentinel chief executive officer, Warren Ebert, said.
“Sentinel has c$500m invested in Mackay in a portfolio including industrial, office and large format retail assets, with its major acquisition the market dominant Caneland Central shopping centre in 2022 for $280m,” he added.
“The city’s economic growth is driven by diversified sectors including mining, agribusiness, construction, education, logistics and tourism,” according to the executive.
The deal comes a week since we reported Whistle Funds Management sold Mackay’s Sarina Beach Road Shopping Centre to Powercat Group.
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