SENTINEL Property Group has made the move into Townsville, after acquiring an industrial property occupied by OneSteel for $8.4 million.
The materials company commenced a new 10-year lease in the 7251sqm facility in Garbutt, starting in March.
Sentinel managing director Warren Ebert says it’s the company’s first purchase in Townsville, following a number of acquisitions in Mackay.
“Like Mackay, we view Townsville as one of the key regional investment locations not only in Queensland but all of Australia,” Ebert says.
“What really sets Townsville apart is its diversity of economic growth drivers, from minerals, agriculture and tourism to defence, government and education.
“Townville’s diversified economy and standing as the commercial hub of North Queensland supported by its exceptional transport infrastructure spanning road, rail, port, and air makes it an ideal location for major industrial users and facilities such as this OneSteel property,” he says.
The latest acquisition brings the Brisbane-based company’s total national property portfolio to 22 assets in Queensland, New South Wales and Victoria – with its combined value approaching $500 million.
It’s Sentinel’s seventh industrial asset, with blue-chip tenants including BlueScope Steel, Toll, Husqvarna and Downer Electrical.
“All of our industrial properties share the same strong fundamentals of large prominent landholdings in well-established precincts with strategic transport infrastructure and high-quality tenant profiles.
“The Townsville property is a perfect fit for Sentinel’s national portfolio, underpinned by the region’s diverse economic growth drivers.”
Ebert says it also offers opportunity for expansion, with the low building site covering only 20 per cent of the space.
The property is located approximately 7km from the CBD and 4km from Townsville Airport.
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