Property group who bought $100m worth of assets returns to Darwin to invest

DARWIN’S plummeting property market has again attracted a Queensland property group who previously bought $100 million worth of Territory assets.

Sentinel Property Group general manager of property Tim Kent, chief marketing officer Michael Sherlock, general manager Warren Ebert and investor relations officer David Carpenter in front of Jacana House which they purchased in 2017. Picture: Justin Kennedy

DARWIN’S plummeting property market has again attracted a Queensland property group who previously bought $100 million worth of Territory assets.

Brisbane-based Sentinel Property Group have returned to Darwin seeking to add to its commercial portfolio, worth more than $1 billion.

Sentinel managing director Warren Ebert was eager to take advantage of Darwin’s dismal economy.

“We look at locations when the market’s not very good, and I think most people up here know the economy in the Northern Territory isn’t too good, so that’s when we come to buy,” he said.

“Darwin has been at the bottom probably longer than I expected, probably longer than most expected but I think it’s ready to go up.”

“That’s our view, we’re investing accordingly.”

In 2016 Sentinel purchased the CasCom Centre for $34 million. They returned in 2017 to buy Jacana House in Woods St for $60.75 million and Arnhemica House in Parap for $9.3 million.

Mr Ebert said Sentinel were focused on acquiring established buildings, particularly offices, with a high yield between 8 and 9 per cent.

“We’re not after trophy assets the big international companies will buy,” he said.

“We’re fairly selective. We chase a high yield, normally after older properties with shorter term leases that you can add some value to.”

Despite the Territory’s economic woes, Mr Ebert believes Darwin’s future is bright.

“We see some of the incentives the Government announced for housing so they’re certainly trying to drive some growth here,” he said.

“They need to look at what the strengths are and capitalise on it, but the Government has to make it easy for people to do business, otherwise if its not they just go somewhere else.”

Mr Ebert said Sentinel were prepared to invest another $100 million into the Territory.

“We’d be happy to spend another $100 million if we can find the sort of assesses we’re after,” he said.

“We know that the fundamentals of Darwin are good. We’re here to spend money and if there’s something that makes sense to us, we’ll buy it.”

Originally published as Property group who bought $100m worth of assets returns to Darwin to invest