Sentinel Property Group is moving to capitalise on the strength of the large format retail market with the sale of two fully leased centres at Dandenong in Melbourne and Nowra on the NSW South Coast
CBRE Victorian Retail Investment’s Justin Dowers, Mark Wizel and Kevin Tong have been appointed to sell Dandenong Home Quarter, while Stonebridge’s Philip Gartland and William Blanch have been appointed to sell Nowra House & Home.
The centres are being sold via separate Expressions of Interest campaigns, which both close on October 18, 2017.
“The large format retail sector continues to perform strongly, particularly in high-growth, well-established locations such as Dandenong and Nowra,” CBRE’s Mr Dowers said.
“The fact that both centres maintain full occupancy highlights the interest from high-profile retailers for this style of asset, in these locations, and this will also serve to underpin wide-ranging interest in the sale campaigns.”
Opened in 2012, Dandenong Home Quarter is situated 41km south east of the Melbourne CBD within the City of Dandenong, one of Victoria's largest economic hubs and fastest growing regions.
Mr Dowers noted; “Dandenong has always been a commercial and regional hub for the south east of Melbourne, and continues to be fuelled by government investment and infrastructure.”
Positioned on a high-profile corner, Dandenong Home Quarter is anchored by eight homemaker tenants and includes an additional three food and beverage retailers. It has highly efficient ‘U’ shaped design, providing all tenants with direct access and exposure to the at-grade car park.
The centre also offers long term income security and tenure, including lease covenants to Officeworks and The Good Guys, who have recently been acquired by the ASX listed JB Hi-Fi.
Nowra House & Home is situated at the heart of NSW’s South Coast Region in an area which has experienced an average annual population growth rate of 2.36% from 2011-16.
Situated 160km south of Sydney, Nowra is identified as a Major Regional Centre within the Illawarra-Shoalhaven Regional Plan 2015 and is the business, retail and services hub of the Shoalhaven LGA.
Nowra House & Home comprises a single level large format retail centre, secured by eight high quality national and government tenants including Spotlight, Pillow Talk and BCF. It has a highly secure WALE of 4.7 years, by area.
The centre is situated on a 1.87ha site, providing 150 car spaces and over 230m of frontage. It is located within the dominant homemaker precinct of South Nowra, opposite complementary retailers such as Harvey Norman and Supercheap Auto.
Stronebridge’s Phil Gartland said; “Located in the dominant retail precinct of NSW’s South Coast, Nowra House & Home is fully leased to high profile national and government tenants with excellent growth prospects and presents as a simple management proposition for an incoming investor.”
Established in 2010, Brisbane-based Sentinel has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets in Queensland, New South Wales, Victoria, Western Australia, the Australian Capital Territory and the Northern Territory with a total value in excess of $1 billion.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
