Sentinel Reaps $89m from Portfolio Sale


Warren Ebert's Sentinel Property Group has completed the final sale of the retail asset portfolio it listed in 2017 for a combined total of $89.05 million.

The assets include large format retailers at Ipswich in South East Queensland, Dandenong in Melbourne and Nowra in southern NSW.

[Related reading: Sentinel Lists Three Major Retail Assets in Melbourne and Sydney]

The property group, which manages more than $1 billion in funds, sold the Dandenong Home Quarter in Melbourne’s south east and the Ipswich Homebase to national property fund manager Primewest for a total purchase price of $68.75 million in late November.

The Nowra House & Home asset was sold to a private investor for $20.3 million.

The Ipswich Homebase was the longest held of the three Sentinel assets, purchased in February 2013 for $23.5 million and sold for $36.25 million, achieving an internal rate of return of 26.76 per cent.

“The large format retail sector continues to perform, particularly in high-growth, well-established locations such as Ipswich, Dandenong and Nowra,” Sentinel managing director Warren Ebert said.

“The fact that these centres maintain full occupancy underwrites the interest from high-profile retailers to have exposure in this style of asset, in these locations.”

[Related reading: Sentinel Disposes of Banyo Facility for $37 Million]

Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: