The latest transaction follows Sentinel’s historic purchase of the Makerston House office building in the legal precinct of the Brisbane CBD for $103 million on a net passing yield of 7.85 per cent.
Makerston House, situated at 30 Makerston Street at the northern edge of the Brisbane CBD, last sold for $38 million in 2000 when Challenger bought it from listed investment company Ariadne.
The group also sold the Citilink Business Centre at Bowen Hills for $76 million, after a protracted sale process with buyer, superannuation fund Prime Super, which involved legal action.
In its overall asset recycling program, Mr Ebert says the group will keep focusing on Mackay as an important regional portfolio, especially since the town benefits from the opening up of the Galilee Basin and the approval of Adani’s Carmichael coal and rail project.
Blue Commercial’s Gary O’Shea was involved in the sale of the Hemmant asset.