Property Development

Sentinel Sells Brisbane Citilink Centre for $76m

Dexus Completes Industrial Estate in Western Sydney
Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-07-02 15:25:59

Brisbane-based Sentinel Property Group has offloaded the Citilink Business Centre for $76 million in Bowen Hills, $14 million more than what the property group purchased it for four years ago.

Superannuation fund Prime Super purchased the 153 Campbell Street asset, a total net lettable area of 15,691sq m, in a deal brokered by CBRE.

Last year Prime Super won a legal battle against Sentinel Property group over the purchase of the Bowen Hills asset.

While its been an extended process, Prime Super Chief executive Lachlan Baird told The Urban Developer the fund was happy that the property has finally settled.

“It reconfirms why we purchased the asset. It’s the right property in the right location, and there’s a solid cash yield on the property which covers its holding costs,” he said.

Located opposite Queensland’s largest hospital, the Royal Brisbane and Women’s Hospital (RBWH), the centre features campus style buildings on a 12,690sq m corner site.