Makerston House will be the 10th addition to the Sentinel Regional Office Trust after it was purchased by the company for $103 million.

Situated opposite the Queensland Police Service headquarters and 50m from the Brisbane Transit Centre at 30 Makerston Street, the modern office building has a 5 Star NABERS Energy rating as well as a site area of approximately 1,796 square metres.

The deal was negotiated by CBRE's Flint Davidson, Tom Phipps, Adelaide O'Brien, and Briony Cottam.

A net lettable area of approximately 14,640 square metres is spread across 14 levels with 179 car parking bays across five basement levels.

At a glance: 

• Sentinel Property Group has purchased a Brisbane CBD office building for $103 million, reflecting a yield of 7.85 per cent.
• Makerston House has a net lettable area of 14,640 square metres is spread across 14 levels with 179 car parking bays across five basement levels.
• The deal was negotiated by CBRE's  Flint Davidson, Tom Phipps, Adelaide O'Brien, and Briony Cottam.

Since 2016, Sentinel has amassed a portfolio of properties in Brisbane, Darwin, Townsville, Cairns, Newcastle and the north coast NSW regional centre of Port Macquarie worth more than $350 million.

Its latest asset will provide strong cashflow security as it is 100 per cent leased with a 4.63 year Weighted Average Lease Expiry (WALE). 

The property is leased to the Queensland Government as well as various state government corporate entities plus Secure Parking, with fixed annual rental reviews ranging between 3.5 per cent and 4.0 per cent.

Sentinel Property Group Managing Director Warren Ebert said Makerston House was superbly positioned in the Brisbane CBD’s ‘North Quarter’ precinct, which is at the epicenter of some of the city’s multi-billion dollar infrastructure projects including the $5.4 billion Cross River Rail network and the $2.1 billion Brisbane Live precinct.

“This is a fantastic acquisition for Sentinel and is our biggest purchase since the Group started 10 years ago,” he said.

“Makerston House is a tremendous asset that is in the heart of a precinct accommodating the state’s critical legal infrastructure and services, including the Queensland Supreme Court and District Court and the Brisbane Magistrates Court.

“The building is opposite the Queensland Police Headquarters and just 50m from Roma Street Train Station, the only existing CBD railway station that will link to the high capacity Cross River Rail.”

Mr Ebert said Sentinel was excited to add Makerston House to the growing Sentinel Regional Office Trust.

The Sentinel Regional Office Trust also comprises 11 Argyle St, Newcastle, The CasCom Centre at Casuarina in Darwin, 200 Creek St, Brisbane, 8 Buller St, Port Macquarie, Jacana House and Arnhemica House in Darwin, 139 Grafton St, Cairns, and Central Plaza and River Quays in the Townsville CBD.

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