Sentinel invests again in the NT
Sentinel has acquired two more top end properties.
In Darwin, the fund manager is paying $7.4 million for a cold storage facility at 2 McCarthy Close, Wishart.
With two buildings containing a total of 2222 square metres, it is 88 per cent leased to Inghams, which has just over three years remaining on a lease.
At the south west corner of Wishart Road, the site spreads 8640 sqm.
Meanwhile, at Palmerston, a Darwin satellite city about eight kilometres south east of Wishart, Sentinel is paying a speculated price of over $7m for a recently refurbished double storey office, the Herbarium, at 4 Mansfield Street.
Fully leased to the Northern Territory government’s Land Resource Management and Correctional Services departments, with a Weighted Average Lease Expiry of 10.8 years, it contains 1510 sqm of commercial area including a temperature controlled research space which holds over 270,000 plant specimens.
The building covers all of a 940 sqm parcel backing onto The Boulevard, opposite the Palmerston Shopping Centre.
Offices occupied by the Department of Environment Parks and Water Security, NT Government Transport and the Department of Infrastructure are also in the vicinity.
NTC Property’s Nigel Sharp was the agent.
Sentinel will hold the properties as the third and fourth assets within its Sentinel Northern Australia Investment Fund, which promises a 7.25pc year one distribution (story continues below).
Sentinel stocks up on NT assets
The acquisitions come two months since Sentinel paid GPT Group $420m for the Casuarina Shopping Centre, 10km north of Darwin.
That property neighbours the six building CasCom Business Park for which the group, founded by Warren Ebert, outlaid $34m in 2016 in its first local deal.
Four years ago the manager paid $60.74m for the nine level, A-grade Jacana House at 39-41 Woods St, considered Darwin’s second best office.
Predominantly leased to federal government departments, that deal reflected a high 15.4pc yield.
Also in 2017 the manager outlaid $9.3m for Parap’s Arnhemica House.
Last June, the group spent $4.5m on a bulky goods retail investment leased to RSEA Safety and Clark Rubber at 639 Stuart Highway in Berrimah – about 3 km north of Wishart.
Based on the asset’s annual return ($382,542), that purchase was struck at an 8.5pc yield.
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