Warren Ebert’s Sentinel Property Group has acquired Darwin’s Casuarina Square shopping centre from GPT Group for $418 million.
The deal is considered one of the biggest equity raises for an unlisted retail asset in Australia. Ebert considers the transaction a ‘landmark deal’ given no other retail centre dominates its market catchment like Casuarina Square does.
The centre has been trading since 1973 and is now home to more than 190 stores including Kmart, Woolworths, Big W and Coles along with a seven-screen Birch Carroll and Coyle Cinema.
“This is a trophy asset and the stand-out retail property in Australia without a doubt,” said Ebert.
“The centre receives more than 8 million visitors a year and there is a tremendous opportunity to add value to the complex as there is approximately 54,000sqm of development potential on the site.
“For Darwin to grow, Casuarina Square must also grow as both a retail centre and an employment node,” he added.
Ebert is confident the centre will be worth $1 billion within seven to 10 years.
Sentinel was set up in 2010 in Brisbane is an investment firm focused on commercial and industrial property trusts. It has been highly active in Darwin for the past five years and Ebert says it is on the lookout for more acquisitions.
“By 2030, the NT government is aiming to achieve 30 per cent population growth and to boost its gross state product from $26 billion to $40 billion. The money that is going into Darwin and throughout the NT is absolutely enormous and long term,” he said.
