Sentinel completes Queensland quinella with Oxley purchase
Sentinel Property Group has continued its busy investment and divestment schedule into the new year, adding a Queensland property to its portfolio and selling another.
The group acquired a fully-leased industrial facility at Oxley, south-west of Brisbane, for $10.4 million – the second for its new pooled Sentinel Industrial Trust.
Set on a 16,400sqm corner site at 144 Boundary Rd, the property features a total warehouse and office building area of 7818sqm plus parking for 93 cars.
The building is leased to a pair of international tenants – automotive wheel and tyre company YHI Australia Pty Ltd and civil explosives company Maxam Australia Pty Ltd.
At the same time, the group has divested part of its industrial holding at Richlands, also in Brisbane’s south-west industrial corridor, for $6.1 million.
Sentinel managing director Warren Ebert says the industrial sector remains a key focus of Sentinel’s ongoing expansion plans
Sentinel acquired two adjoining industrial properties, 145 and 147 Archerfield Rd, Richlands, in October 2012 for a total of $18.5 million.
The 147 Archerfield Rd property, comprising 19,490sqm of land and 7917sqm of warehouse and office space, was sold as a vacant possession, having previously been occupied by MTU Detroit Diesel Australia.
Sentinel will retain ownership of the 145 Archerfield Rd property, comprising 26,800sqm of land and 12,168sqm of warehouse and office space, which is fully leased to Quality Bakers, Gough Transport, Evolution Drill Rigs, Downer Electrical and Global Metals.
Sentinel managing director Warren Ebert says the industrial sector remains a key focus of Sentinel’s ongoing expansion plans. But while continuing to target new acquisitions nationally, he says Sentinel will also continue to investigate all market opportunities for strategic divestment.
(The property) presents the opportunity for future value-adding, given the significant traffic exposure and limited new development opportunities within the area
Ebert says the 144 Boundary Rd property is well positioned in the “industrial golden triangle” of Brisbane’s south west, bordered by the major arterial routes of the Ipswich Motorway, Logan Motorway and Gateway–Pacific Motorway.
“The site has current development approval for a ‘Material Change of Use and Building Works for Shop Activities’, which presents the opportunity for future value-adding, given the significant traffic exposure and limited new development opportunities within the area.”
Colliers International’s Phil Stephens and Matthew Frazer Ryan negotiated the deal.
The Oxley property is the second asset for the new open-ended pooled Sentinel Industrial Trust, which acquired its first property, a major industrial facility on a 40ha site at the Port of Newcastle, in June last year for $31 million.
Late last year Sentinel also revealed a bid to list on the Australian Stock Exchange through a takeover of the listed Unity Pacific Group, announcing an offer to fund a buyback of all of the stapled securities in UPG that it does not already own.