Brisbane-based Sentinel Property Group has offloaded the Citilink Business Centre for $76 million in Bowen Hills, $14 million more than what the property group purchased it for four years ago.
Superannuation fund Prime Super purchased the 153 Campbell Street asset, a total net lettable area of 15,691sq m, in a deal brokered by CBRE.
Last year Prime Super won a legal battle against Sentinel Property group over the purchase of the Bowen Hills asset.
While its been an extended process, Prime Super Chief executive Lachlan Baird told The Urban Developer the fund was happy that the property has finally settled.
“It reconfirms why we purchased the asset. It's the right property in the right location, and there's a solid cash yield on the property which covers its holding costs,” he said.
Located opposite Queensland’s largest hospital, the Royal Brisbane and Women’s Hospital (RBWH), the centre features campus style buildings on a 12,690sq m corner site.
The sale comes almost four and a half years after Sentinel purchased the Bowen Hills property from Centuria Funds Management for $62 million.
Sentinel Property Group, established by Warren Ebert in 2009, recently purchased the Makerston House in Brisbane CBD for $103 million. The move marked the Brisbane-based investment firm’s largest purchase to date.
“Sentinel has always proudly run against the herd when it comes to our investment decisions,” Sentinel's managing director Warren Ebert said.
“Where others see risk, we see opportunity[...]we have a track record of adding value to those properties and selling them to deliver a good return for our investors.”
The Sentinel group has a total portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness national assets.
Prime Super manages around $5 billion in funds for its 125,000 members.