Sentinel secures three NSW shopping centres for $21.55million

JAGONAL-Bathurst-Chase

Sentinel Property Group has settled the acquisition of three neighbourhood shopping centres in Bathurst, Narromine and Wellington in north-west NSW for a total of $21.55 million.

The three properties, all anchored by Coles Supermarkets, were acquired in one line from Charter Hall Retail REIT and are the latest additions to the growing Sentinel Countrywide Retail Trust, which now comprises seven retail assets. Sentinel Countrywide Retail Trust, an open-ended pooled Trust launched by Sentinel last year, is focused on acquiring neighbourhood-style shopping centres in key regional locations.

The three new properties in NSW join the Trust’s two existing shopping centres in Emerald in QLD, and centres in Townsville QLD and Dubbo NSW. The three new shopping centre acquisitions by Sentinel in NSW are:
1. Bathurst Chase Shopping Centre anchored by a 4,255sq m Coles Supermarket, one mini-major and 16 specialty tenancies at 39 William Street in Bathurst, 200km north-west of Sydney.
2. Kierath’s Shopping Square anchored by a 2,141sq m Coles Supermarket, a Liquorland, six specialty tenancies and an ATM at Dandaloo Street in Narromine, 430km north-west of Sydney.
3. Coles Wellington anchored by a 2,217sqm Coles Supermarket and an ATM at 128-140 Percy Street in Wellington, 350km north-west of Sydney. The Sentinel Countrywide Retail Trust has a forecast distribution of 10%pa.

The sales were negotiated by Craig O’Donnell and Peter Rossi of CBRE. Brisbane-based Sentinel has been one of Australia’s most active private buyers of commercial property since it was established in 2010. These latest NSW acquisitions bring the company’s total national property portfolio to 33 retail, industrial, office and land assets in QLD, NSW and VIC valued at in excess of $700 million. More than 30% of Sentinel’s total property holdings are now located outside of QLD, with NSW a major focus of the company’s interstate expansion since it first entered that market in 2013. Retail centres now account for in excess of 50% of Sentinel’s total national property portfolio.

Warren Ebert, Sentinel Managing Director, said the company was pleased to be further expanding its retail property holdings as well as its presence in regional NSW. He said Sentinel now owns 10 retail properties and one industrial property in NSW, including in key regional locations such as the Lower Hunter, Central Coast, Orange and Gunnedah, and has further NSW regional assets under investigation for potential future acquisition.

“We have been active in securing properties in strategic regional centres of NSW and this is an area where we will continue to target new opportunities,” he said. “Our latest acquisitions in Bathurst, Narromine and Wellington are an ideal fit for our proven buying and value-add strategy of securing well-established shopping centres, underpinned by major national retailers, in key regional hubs with multiple and diverse drivers of future economic growth.”

 

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By: JAGONAL

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