Sentinel Property Group has sold a 5.4ha vacant portion of its longest-held asset, a near-10ha site opposite the Redland Public Hospital and Redland Mater Private Hospital that was last valued at $53.5 million.
The site was purchased for $19.7 million in November, 2010, just months after the syndicator was launched by founder and CEO Warren Ebert, achieving an IRR over 13 years of more than 20%.
Investors recently had a windfall when the vacant portion of the site at 2-14 Weippin Street in Cleveland was sold to a private investor, delivering investors $1.81 per unit.
Ebert said the performance of the Cleveland Business Park for Sentinel investors had been one of the highlights of the company’s history. “At Sentinel we take great pride in the company delivering wealth for our investors, and Cleveland Business Park has been one of the great deliverers,” he said.
For the original investment of $1 per unit on establishment of the fund, investors have received a total of $3.2408 per unit, inclusive of the 10% capital return in 2012, monthly distributions, and special distributions payments.
Investors continue to benefit from performance of the remaining 5.7ha site, with monthly distributions at an annual rate of 7 cents per unit.
Australian Property Journal
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