The Buller Street Port Macquarie home to Essential Energy has been sold.
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Sentinel Property Group sold for recently refurbished office building for $37.9m - an 84 per cent increase on the original purchase price. Sentinel purchased the property in February 2017 for $20.6m.
The energy provider is a long term lessee of the property and was sold with a 15-year lease to Essential Energy.
Western Australian commercial and residential property development business Ascot Capital Limited purchased the building.
Director Peter Agostino said Ascot Capital undertakes its property funds management business and property syndications throughout Australia.
"We continue to look for acquisitions around the country," he said.
"There is a long-term lease with Essential Energy in place for this property making it a passive investment.
"We aren't specifically looking for property in that area (NSW and Port Macquarie) but it proved to be a good opportunity.
"We believe it is a long term investment," he said.
Ascot Capital has etched out a successful history of developing quality assets around the world.
The management team sources and assesses property investments; arranges adequate levels of gearing and then secures investment funding from an investment pool of sophisticated investors.
Each property investment is housed in a separate Property Unit Trust.
Importantly, Ascot Capital Limited invests in each project and is totally committed to ensuring long term capital growth and good and consistent revenue returns.
Another differentiator for Ascot Capital Limited is the ability to pay monthly distributions to all unit holders.
The 4-Star NABERS-rated office building was sold to Ascot Capital through Sam Hatcher and Elliott O'Shea of JLL following an upgrade which included an A-grade office fit-out.
The property, acquired by Sentinel from The Westlawn Property Trust managed by Clarence Property for $20.6 million in February, 2017, is part of the Sentinel Regional Office Trust.
Sentinel Managing Director Warren Ebert said the sale was a tremendous result for Sentinel investors and showcased the group's strategy of always looking to add value to its properties where possible.
"Sentinel has an enviable track record of adding value to its assets and working closely with tenants to improve amenities and we continue to undertake initiatives to add value to all of our properties," Mr Ebert said.
"We were delighted with the 6300sq m of works completed at Port Macquarie, which included a complete new A-grade office fit out as well as end of trip facilities including change rooms, lockers and bicycle racks.
"The works also included installation of new air-conditioning units, upgrade of all switchboards, new base-build carpets, ceiling grids and LED lights throughout plus two new lifts."
Established in 2010, Brisbane-based Sentinel has a total national portfolio of more than 50 retail, industrial, office, land, tourism infrastructure and agribusiness assets in Queensland, New South Wales, Victoria, Western Australia, the Australian Capital Territory and the Northern Territory with a total value in excess of $1.2 billion.
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