16/09/2015 - 12:13

Sentinel buys Geraldton Homemaker Centre for $27.3m

16/09/2015 - 12:13

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Sentinel buys Geraldton Homemaker Centre for $27.3m
The Geraldton Homemaker Centre has a strong tenant list of national retailers.

Brisbane-based Sentinel Property Group has made its first acquisition in Western Australia, buying the Geraldton Homemaker Centre for $27.3 million.

The 4.73-hectare property was built in 2006 and was extended in both 2008 and 2011, and counts national retailers Spotlight, The Good Guys, Forty Winks, Barbecues Galore, Pet Barn, Godfreys, Repco, Supercheap Auto and McDonald's as tenants.

The deal was brokered by Sydney-based Stonebridge Property Group and Melbourne’s Parsons Hill Stenhouse on behalf of a private investor.

Sentinel managing director Warren Ebert said the company had been actively looking at WA for quite some time, but had been biding its time for the right opportunity.

Mr Ebert said Sentinel would continue to examine further acquisitions in the state, to add to its portfolio of 35 retail, industrial, office and land development assets in Queensland, NSW and Victoria.

“Our first WA acquisition is in line with our proven buying and value-adding strategy of securing well-established retail centres, underpinned by major national retailers, in key regional hubs with multiple drivers of future economic growth,” he said.

Geraldton Homemaker Centre will be placed in the Sentinel Homemaker Trust, which is focused on creating a national portfolio of bulky goods centres.

The trust has a forecast minimum investor distribution of 9.5 per cent, paid monthly post interest rate/expenses contingency.

Mr Ebert said the deal was the sixth new retail acquisition across Australia by Sentinel since the end of June. 

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