Sentinel takes on $23M Bunnings at Heatherbrae
The former Masters site at Heatherbrae has changed hands again, just 12 months after the Home Consortium sold the site to a local investment group, Heatherbrae Investment Holdings Pty Ltd.
HIH picked up the asset in October 2017 for $12.3M, finalised the Bunnings conversion and leased several of the vacancies to BCF, PetStock and others. This week Senitnel announced the acquisition of the centre for $23.3M, a 90% uplift in 12 months.
The complex now enjoys a weighted average lease expiry (WALE) of 3.65 years and a passing income of approximately $1,849,534 per annum.
The facility will be the third addition to the Sentinel Homemaker Trust, which also includes City West Plaza at Sunshine in Victoria and the Geraldton Homemaker Centre in Western Australia.