The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
2
print
Print
RetailDinah Lewis BoucherTue 28 Jan 20

Sentinel Property Group Offloads Port Macquarie Office for $37.9m

13978816-f518-4d64-9b46-e98fc2f88bd6

Sentinel Property Group has offloaded a recently refurbished office building on the New South Wales mid-north coast to Ascot Capital for $37.9 million.

Sentinel purchased the 6214sq m Port Macquarie office from property fund manager Peter Fahey’s Clarence Property Group for $20.6 million in February 2017, with the latest sale price marking more than an 80 per cent increase, following the upgrades.

The property is 100 per cent leased to Essential Energy, a corporation that operates the state’s electricity network, on a 15-year term.

“We were delighted with the 6300sq m of works completed at Port Macquarie, which included a complete new A-grade office fit out,” Sentinel managing director Warren Ebert said of the group’s value add strategy.

Clarence Property Group paid $1.5 million for the Port Macquarie office complex, at 8 Buller Street, in 2000.

▲ 8 Buller Street Port Macquarie has changed hands for $37.9 million.


In July last year, Sentinel offloaded Brisbane’s Citilink Business Centre for $76 million in Brisbane’s Bowen Hills.

The sale of the 153 Campbell Street building, located opposite the Royal Brisbane Women’s Hospital to superannuation fund Prime Super, concluded after a drawn out campaign that involved legal action.

Sentinel had purchased thee Bowen Hills Centre, spanning a 1.3 hectare site, for $62 million in 2014.

While in May, Sentinel picked up the Makerston House in Brisbane CBD from investment management company Challenger for $103 million.

Established in 2010, the Queensland syndicator has a national portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets.

JLL’s Sam Hatcher and Elliott O’Shea managed the Port Macquarie transaction.

RetailOfficeInfrastructureIndustrialAustraliaReal EstateDeal
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
View All >
Infrastructure

Tasmanian Premier Shrugs off Damning Stadium Report

Lindsay Saunders
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
Sponsored

Melbourne’s Public Art: Driving Cultural and Economic Value

Partner Content
From laneways to landmarks, Melbourne’s public art is shaping identity, boosting value, and drawing people in...
LATEST
Infrastructure

Tasmanian Premier Shrugs off Damning Stadium Report

Lindsay Saunders
3 Min
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Placemaking

Melbourne’s Public Art: Driving Cultural and Economic Value

Partner Content
3 Min
Billbergia Chatswood Twin Towers
Development

Billbergia, Metrics Chase 46 Storeys in $400m Towers Uplift

Vanessa Croll
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/sentinel-sells-port-macquarie-office-379m