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.
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.