Geraldton Homemaker Centre sold for $27.3 million
Sentinel Property Group has expanded into Western Australia with the acquisition of the Geraldton Homemaker Centre for $27.3 million.
Retail properties account for more than 50% of Sentinel’s assets under management, which is closing in on a total value of $1 billion.
The property is the first located off the eastern states of Australia for Sentinel, which has a total portfolio of 35 retail, industrial, office and land assets in Queensland, New South Wales and Victoria.
It is also the second asset for the newly-launched Sentinel Homemaker (Open Ended) Trust.
Warren Ebert, Sentinel managing director, said Geraldton is a strategic hub and major seaport for the mid-west of WA and has enjoyed 14 years of consecutive population growth.
"A traditional agricultural region, the diverse economy of greater Geraldton now also encompasses mining, fishing and tourism and has an estimated output of $5.072 billion," he said.
The purchase of Geraldton Homemaker Centre was negotiated by Philip Gartland of Stonebridge Property Group and Simon Parsons of Parsons Hill Stenhouse.
