Property group in $100m Darwin offices raid

A MAJOR property group has raided the Territory’s commercial market again – this time securing a Parap office block for $9.3 million

This commercial building currently leased by the NT Government in Paraphas sold for $9.3 million. Picture: JUSTIN KENNEDY

A QUEENSLAND property group has raided the Territory’s commercial market again – this time securing a Parap office block for $9.3 million.

In June this year, Sentinel Property Group set a record price buying Jacana House in Woods St for $60.75 million. It followed its $34 million purchase of the CasCom Centre in December last year.

SUBSCRIBE TO THE NT NEWS WEBSITE FOR JUST 50c A DAY

Sentinel has now purchased the fully leased Arnhemica House property on Parap Rd in Parap.

All of its acquisitions have long term federal and Territory Government leases.

The building features a newly installed 99.76-kilowatt solar power system which is expected to provide a 5.5-star energy rating.

Sentinel managing director Warren Ebert said Arnhemica House was fully leased to the NT Government until 2026 with two further five-year options.

He said the rental yields were well above national sales.

“Sentinel has identified the opportunity to purchase this property at a passing initial yield of 9 per cent, delivering returns above recent transactional evidence with national sales of CBD commercial buildings reflecting yields of sub 6 per cent,” he said.

Sentinel holds more than $1 billion in its regional office trust.