Sentinel spends $420m on Darwin shopping centre
Sentinel is spending c$420 million on Darwin’s Casuarina Square shopping centre.
The deal with GPT Group is being struck near the December, 2020 book value ($419.6m).
It comes a week since the vendor offloaded Wollongong Central to Haben for just over $400m.
Sentinel made its maiden Darwin investment five years ago outlaying $34m for the six building CasCom Centre business park – on 1.9 hectares neighbouring Casuarina Square.
In August we reported the Brisbane fund manager paid Elanor Investors Group $28m for the Moranbah Fair Shopping Centre, c190 kilometres south west of Mackay.
Casuarina Square contains student accommodation
Developed in 1973 – two years after GPT was publicly listed – Casuarina Square contains 51,000 square metres of lettable area tenanted to about 199 retailers including two department stores and two supermarkets.
In 2013, the landlord added a 303-bed student accommodation complex, which is managed by Unilodge (story continues below).
Six years ago, the owner spent c$4.5m installing 4800 rooftop solar panels – enough to provide 20 per cent of the centre’s energy.
The mall also has c2450 car parks.
GPT owned the asset in an equal partnership with the GPT Wholesale Office Fund – the trust which sold Wollongong Central.
Casuarina Square will be held in a fund Sentinel is now raising capital for.
JLL is the marketing agency.
At 247 Trower Road, Casuarina, the property is just over 10kms north of Darwin’s CBD.
Subscribe to our newsletter at the bottom of this page.
