Northern Australia’s biggest ever property deal - Casuarina Square sells for $400m

The Territory’s biggest shopping centre has sold for a massive $400m.

WARREN Ebert’s Sentinel Property Group has finalised the purchase of Darwin’s Casuarina Square shopping centre from GPT Group for about $400m.

The Sentinel deal is believed to the largest single property transaction north of Brisbane and the biggest equity raise for an unlisted retail asset ever achieved in Australia.

It is the Sentinel Group’s biggest acquisition since being established more than a decade ago.

Sentinel chief executive Warren Ebert said securing Casuarina Square was a landmark deal for the Group as “no other retail centre dominates its market like Casuarina Square”.

“This is a trophy asset and the stand-out retail property in Australia without a doubt,” Mr Ebert said.

“The centre receives more than eight million visitors a year and there is a tremendous opportunity to add value to the complex as there is approximately 54,000 sqm of development potential on the site.

“For Darwin to grow, Casuarina Square must also grow as both a retail centre and an employment node. I am confident this will be a billion-dollar asset within 7-10 years. Casuarina Square is a magnet for the population in Darwin because they can shop in 5.5ha of air-conditioned comfort. It’s a fantastic asset which will deliver substantial returns to our investors.”

With more than 190 stores and retailers, including Kmart, Big W, Woolworths and Coles as well as a seven-screen Birch Carroll and Coyle Cinema, Casuarina Square was built to provide the most comfortable shopping experience in the Northern Territory. The Centre has been serving the Darwin community since 1973.

Mr Ebert’s Sentinel has active in Darwin over the past five years and is still seeking acquisitions.

“We are very long in northern Australia, particularly in Darwin and North Queensland, with a portfolio approaching $750m,” he said.

“The Northern Territory has an enormous couple of decades ahead of it with planned investments in the region of approximately $43bn, including the $22bn Australian-ASEAN Power Link Project, the $4.7bn Santos Barossa Gas Field project and $8bn in government defence infrastructure.

“By 2030, the NT government is aiming to achieve 30 per cent population growth and to boost its gross state product from $26bn to $40bn. The money that is going into Darwin and throughout the NT is absolutely enormous and long term.”

Established in 2010, Brisbane-based Sentinel Property Group is an Australian property investment firm focused on commercial and industrial property trusts. Sentinel’s trusts are consistently ranked as the best performing of their kind in Australia.

GPT has been contacted for comment.

Originally published as Northern Australia’s biggest ever property deal - Casuarina Square sells for $400m