Sentinel Property Group has confirmed its standing as one of Australia's most active fund managers in the retail property sector by this week settling its fifth retail property acquisition so far this financial year.
Sentinel has settled the purchase of the Westside Plaza shopping centre in Broken Hill, NSW from Federation Centres for $33.7 million.
It is the latest addition to the growing Sentinel Countrywide Retail Trust, an open-ended pooled trust launched last year that now comprises eight retail assets in QLD and NSW.
Westside Plaza in Broken Hill is Sentinel's second sub-regional shopping centre purchase and features a total lettable area of 17,400sqm. It has a 98% occupancy rate and is donated by national tenants including Woolworths, Big W, Dick Smith, Best & Less, Priceline, Prouds, NAB, McDonalds and The Reject Shop.
The acquisition continues Sentinel's strong buying activity in the retail sector. In July, it purchased the Nowra House & Home homemaker centre on the NSW south coast for $15.3 million for its new Sentinel Homemaker (Open Ended) Trust. This followed closely on from the purchase of three neighbourhood shopping centres in Bathurst, Narromine and Wellington in north west NSW for a total of $21.55 million for the Sentinel Countrywide Retail Trust.