Sentinel Property Group purchased the 4.57ha property, located at the intersection of the Pacific Highway with Griffin Street, as a sign of growing investment in the Port Stephens commercial economy.

The facility has a lettable area of 17,181sqm and is home to Bunnings, which took over the tenancy last year from its failed former rival Masters. Other quality national tenants in the complex include BCF and PETstock.

Sentinel managing director Warren Ebert said the purchase was the group’s third acquisition in the Hunter region, adding to an industrial facility at Mayfield and an office building in Argyle Street in the Newcastle CBD.

“We are excited about the potential in Port Stephens and Newcastle with the city undergoing major renewal with infrastructure projects and also the Hunter region’s proximity to Sydney,” he said.

“I think the Port Stephens and wider Newcastle/Hunter region has a fantastic future and we like to buy in locations that mainstream investors aren’t targeting.”

The Heatherbrae complex has excellent frontage to the Pacific Highway with exposure to 40,000 vehicle movements per day.

Established in 2010, Brisbane-based Sentinel has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets across Australia, with a total value in excess of $1.1billion.