Homeworld Tuggeranong bought for $31 million as Sentinel expands

Brisbane-based Sentinel Property Group has purchased the Tuggeranong Homeworld Centre for $31 million, with their plans to expand their retail property sector presence further south.

The Sentinel Tuggeranong Retail Trust acquired the property with a forecast year one distribution of 10.25% per annum, paid monthly. The sale was undertaken by Carl Molony and Phil Gardtland of Stonebridge Property Group.

The Homeworld, at 150-180 Soward Way, Greenway, is on a single-level and attached to an office. It covers 21,945 square metres, or one street block, and includes multiple car access point.

The centre covers 12,245 square metres and there is a central carpark with 333 spaces.

Tenants include Aldi Foods, Dan Murphys, Dick Smith, Jetts Fitness, Cash Converters and the Department of Human Services.

This brings Sentinel Property Group’s total portfolio to 24 retail, office and industrial assets, and to a combined $500 million in value.

Sentinel’s Warren Ebert says that the centre is prominent in position, has a strong tenancy profile, and includes future development potential.

“The retail centre is well established in the local community and features a strong lease profile with 72.4% of income provided by national tenants,” he said.

“The property comprises an expansive entire street block within Tuggeranong Town Centre with potential mixed-use redevelopment potential, including residential apartment development.”