Sentinel lines up another Mackay asset

Caneland Central was offered permit-ready for an extension.

Warren Ebert’s Sentinel Property Group has entered negotiations for the Caneland Central shopping centre, in Mackay.

Sentinel recently paid GPT Group $420 million for Darwin’s Casuarina Square.

Worth a speculated $350 million, the deal is with the Lendlease managed Australian Prime Property Fund Retail, which has held the mall since 2001.

With 65,964 square metres of area leased to about 130 tenants, the asset is the largest of its type in the region, servicing a catchment of over 175,000 people.

Big W, Coles, Target and Woolworths are amongst the anchors; it is the only shopping centre with a Myer within 320 kilometres.

Last refurbished in 2011, the complex was offered permit-ready for a 5500 sqm extension containing a cinema and food and beverage precinct.

“Caneland Central is the premier shopping and lifestyle destination in the Mackay region and is positioned in the heart of its local community,” Lendlease Investment Management managing director, Scott Mosley, said when the asset was listed in February.

“The centre has been a strong performer for APPF Retail and is uniquely situated to continue servicing the local community and tourists with its mix of retail, lifestyle and dining,” he added.

JLL’s Sam Hatcher and Nick Willis were the agents (story continues below).

Sentinel strikes again

Any Caneland Central deal would come seven months since Sentinel paid $420m for Darwin’s Casuarina Square, which abuts a 1.9ha office park acquired in 2016.

JLL Research said retail investment activity topped $13.3 billion in 2021 – up from $4.7b the year earlier.

Thirteen transactions were for over $200m, it added, compared to three in 2020.

“Assets in these markets have very high barriers to entry, and they are typically the focal point of the community,” Mr Willis said upon launching the campaign.

Sentinel holds a Mackay portfolio worth about $1b, including a medical centre at 22-30 Wood Street, several Paget warehouses – including one at 512 Milton St acquired for $7.75m in February – and Mount Paget’s Northpoint Shopping Centre.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.