Tuggeranong Homeworld at Greenway has been sold for $46 million, an almost 50 per cent increase on its purchase price eight years ago.
Sentinel Property Group bought Tuggeranong Homeworld in July 2014 for $31 million and it has now been sold to a private investor with a yield of 7.55 per cent.
With major tenants including Aldi, Dan Murphy’s, Petstock, Supercheap Auto, and the Federal Government, the retail centre had a net distribution upon the sale of 11.25 per cent, said Sentinel CEO Warren Ebert.
“While Tuggeranong Homeworld has been an excellent asset and we have been able to add value to the centre such as an upgrade of the Aldi supermarket, we received a good offer for the property,” Mr Ebert said.
“The decision to sell is always based on Sentinel’s strategy of buying at an opportune time and then selling based on our view of the market.”
Located around 20km south of Canberra’s CBD, Tuggeranong Homeworld incorporates 25 speciality tenancies and six major tenancies across its single level 12,228sqm neighbourhood centre along with an attached office and around 333 car parking spaces.
Scarborough House, a Federal Government occupied office tower in Woden’s Town Centre, is Sentinel Group’s remaining asset in Canberra which they purchased in 2021 for $83 million.
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