Investor targets Mackay as region to thrive despite virus
A LEADING Queensland property investment group has banked on the mining sector to quarantine its investors against the economic impact of the coronavirus.
Sentinel Property Group recently increased its substantial footprint in Mackay with the purchase of two properties in the industrial suburb of Paget for $12.770 million, bringing its commitment to the region to almost $120 million.
Sentinel managing director Warren Ebert said despite the economic impact of the COVID-19 pandemic, mining in the resource rich Mackay region will continue to flourish with the Queensland Government reliant on the sector to kick start the economy.
"Mackay is the regional centre for the Bowen and Galilee Basin coal deposits and Mackay's Dalrymple Bay Coal Terminal is the largest in Queensland by volume," he said.
"It has benefited from a sustained improvement in commodity prices, particularly coal, and is expected to be one of the key beneficiaries of Adani's Carmichael Project.
"Mining continues to be an essential business for Queensland. I expect the mining industry will play a major role in driving Queensland's economy through these difficult economic times."
Mr Ebert said Sentinel, which is celebrating its 10th anniversary this year, was looking for more buying opportunities in the central Queensland city which consistently produces strong yields for investors.
"We're the biggest buyers in town over the past three years and we're always looking," he said.
Mr Ebert said Sentinel had obtained approval for the development of a 2000sq m office/warehouse in Paget. It was also in negotiations with a number of tenants to design and construct workshops with office and hardstand on industrial land in the industrial suburb.
The syndicator's other Sentinel holdings in Mackay include the Northpoint Homemaker Centre, the Birch Carroll & Coyle cinemas complex, the Toll Distribution Centre as well as Sandvik's and Emeco's workshop facilities and a number of other office and industrial assets.
Mr Ebert said the Mackay industrial sector had a shortage of workers.
Mackay has one of the tightest employment markets in the state.
"This recession or whatever they're going to call it will be fantastic for areas like Mackay," Mr Ebert said.
"The biggest problem there is that they need workers but can't get the people. So if you're a bloke who's working for some builder down south and gets the sack, they can come up here with their family and get $140,000 driving an excavator.
"And it's also a bloody fantastic place to live."
Originally published as Resource regions power on despite virus worries