Sale of Casuarina Square shopping centre to Sentinel Property Group close to being finalised
One of the Territory’s biggest ever property deals is understood to be almost finalised, with Casuarina Square likely to be sold to a leading investment firm.
Northern Territory
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SENTINEL property group is close to stitching up one of the Territory’s biggest ever property deals – snapping up Casuarina Square shopping centre for a cool $420m.
The sale, which NT News understands is still being finalised, will make Sentinel one of the biggest investors in Northern Territory property. Vendors GPT Group didn’t comment.
Casuarina Square contains 51,000 sqm of lettable space, approximately 200 retailers, a Big W, Kmart, Coles and Woolies and a 303-bed student accommodation complex. There are 2500 car parks and 5000 rooftop panels generate about a fifth of the centre’s electrical requirements.
Sentinel executive chairman Warren Ebert said a confidentiality agreement prevented him discussing the transaction but the business would continue to expand its interests in the Territory.
Among its Darwin portfolio, Sentinel presently holds CasCom House at Casuarina, Jacana House in Wood Street and Arnhemica House in Parap.
He said the group owns in excess of $550m in assets ‘north of McKay’.
“We love Northern Australia and the Northern Territory. We’ve got an enormous decade ahead of us,” he said.
“We’ve found the tier one banks are bullish on the Territory and Darwin in particular. We find they’re very keen to lend.”
He said the city’s small population actually enhances its retail potential because online distribution centres like Amazon will not establish in the future.
“The average delivery time is 3.8 days. People will be more likely to make the purchase at a shopping because things are so close,” he said.
An independent property analyst said it’s the Territory’s largest urban property transaction.
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Originally published as Sale of Casuarina Square shopping centre to Sentinel Property Group close to being finalised
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