THE Bathurst Chase shopping centre has been sold.
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Sentinel Property Group yesterday settled the acquisition of three neighbourhood shopping centres in Bathurst, Narromine and Wellington for a total of $21.55 million.
The three properties, all underpinned by Coles supermarkets, were acquired in one line from Charter Hall Retail REIT and are the latest additions to the growing Sentinel Countrywide Retail Trust, which now comprises seven retail assets.
Sentinel Countrywide Retail Trust, an open-ended pooled trust launched by Sentinel last year, is focused on acquiring neighbourhood-style shopping centres in key regional locations.
The three new properties in NSW join the trust’s two existing shopping centres in Emerald in Queensland, and centres in Townsville in Queensland and Dubbo.
According to Sentinel, Bathurst Chase is anchored by a 4255 square metre Coles supermarket, one mini-major and 16 specialty tenancies.
Sentinel managing director Warren Ebert said the company was pleased to be further expanding its retail property holdings as well as its presence in regional NSW.
He said Sentinel now owns 10 retail properties and one industrial property in NSW, including in key regional locations such as the Lower Hunter, Central Coast, Orange and Gunnedah, and has further NSW regional assets under investigation for potential future acquisition.
“We have been active in securing properties in strategic regional centres of NSW and this is an area where we will continue to target new opportunities,” he said.
“Our latest acquisitions in Bathurst, Narromine and Wellington are an ideal fit for our proven buying and value-add strategy of securing well-established shopping centres, underpinned by major national retailers, in key regional hubs with multiple and diverse drivers of future economic growth.”
Mr Ebert said the investor capital raising for the latest NSW acquisitions closed over-subscribed within days of release, highlighting the continued ongoing demand from existing and new investors for Sentinel’s investment offerings.
“As well as diversifying the geographic spread of our property portfolio, we also have a fast-growing investor base, with more than 40 per cent of our investors now from interstate and overseas,” he said.