Latest / 360 with Katie Woolf / Sentinel Property’s Warren Ebert says the NT is a great place to invest and after buying the Cas Club the group has got accommodation projects in its sights

Transcript

Sentinel Property’s Warren Ebert says the NT is a great place to invest and after buying the Cas Club the group has got accommodation projects in its sights · 360 with Katie Woolf

• 0:00
  Speaker 1: As you may or may not have heard, Sentinel Property Group,
• 0:02
  Speaker 1: which earlier this year bought Casarina Square shopping center. They
• 0:06
  Speaker 1: have now bought nearby Casarina All Sports Club for a
• 0:10
  Speaker 1: reporter seventeen point five million dollars. Now the property group
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  Speaker 1: is making some big investments in the Northern Territory and well,
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  Speaker 1: joining me on the line to tell us a little
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  Speaker 1: bit more about about what they're doing and what they're
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  Speaker 1: investing in. It is Warren Eberts from a Sentinel Property Group.
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  Speaker 1: Good morning to you, Warren.
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  Speaker 2: Good morning Katie. Another beautiful, cool day in Darwin.
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  Speaker 1: I'm not sure. I'm not sure if i'd described as cool, Warren,
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  Speaker 1: but it's a lovely day.
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  Speaker 2: I think it's well, it's only thirty one at the moment,
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  Speaker 2: so it's not too bad.
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  Speaker 1: Not too bad now, Warren. Why did Sentinel decide to
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  Speaker 1: purchase the Casarina All Sports Club.
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  Speaker 2: Well, we you know, we bought the best part of
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  Speaker 2: half of these in the last twelve months, and we
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  Speaker 2: intend to keep buying. We've actually disagreed to buy something
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  Speaker 2: else up here yesterday. So I love the investment future
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  Speaker 2: for the Northern Territory. This particular property made real sense
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  Speaker 2: because we already have cascom the office precinct behind which
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  Speaker 2: has got two hectares Casina Square, which is the best
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  Speaker 2: part of twelve hectares. So yeah, we have a long
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  Speaker 2: term plan. Yeah, we're looking thirty fifty years ahead with
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  Speaker 2: Casarina Square, and it does make sense for that to
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  Speaker 2: be a town center with accommodation office precincts, and it's
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  Speaker 2: just by itself, it's a good investment. But given their
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  Speaker 2: landholdings there was just that would have been crazy not.
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  Speaker 3: To buy it.
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  Speaker 1: So it sounds as though you've got a lot in
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  Speaker 1: mind over the next thirty to fifty years in that
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  Speaker 1: Casarina precinct.
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  Speaker 2: We have it and not just Casine for for all
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  Speaker 2: of well, you know, for the Greater and Northern Territory.
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  Speaker 2: We've got a lot of things on our plate. But yes,
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  Speaker 2: we certainly intend to expand onto our student accommodation there
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  Speaker 2: in the near future. That's running at the running at
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  Speaker 2: one hundred percent. Even during the COVID lockdown it was
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  Speaker 2: well over ninety percent, so it does perform very well.
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  Speaker 2: We're looking at putting in a four star hotel in
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  Speaker 2: you know, hopefully within the next twelve months will start
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  Speaker 2: construction on that. You know, it does make sense to
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  Speaker 2: have a lot more accommodation around there. If you're coming
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  Speaker 2: up here in a contract or something, Katie, why would
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  Speaker 2: you Why wouldn't you want to stay somewhere where you've
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  Speaker 2: got all the food, the groceries, that the shopping, the entertainment. Yeah,
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  Speaker 2: it's you know, as I said when you interviewed me
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  Speaker 2: when we bought it, it's just a fantastic opportunity and
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  Speaker 2: it's got decades ahead of it now.
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  Speaker 1: Warren Sentinel. It does seem as though you're heavily investing
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  Speaker 1: in the Northern territory. From your perspective, what is the
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  Speaker 1: appeal in the territory.
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  Speaker 2: Well, you know, capital is mobile, Katie, so you can
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  Speaker 2: invest anywhere. So you know, people might think we're money hungry,
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  Speaker 2: but we invest where we can get the best return.
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  Speaker 2: It's pretty simple, and we just see the opportunities of
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  Speaker 2: growth up here. While the majority of money wants to
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  Speaker 2: invest in Sydney and Melbourne, you know, the wealth of
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  Speaker 2: the nation isn't being created in Sydney and Melbourne. You know,
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  Speaker 2: the bankers might skim it off the top down there,
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  Speaker 2: but as far as real wealth for the nation. It's
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  Speaker 2: in northern Australia. If you draw a line across from
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  Speaker 2: Gladston over the wa all that northern area, that's where
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  Speaker 2: the wealth is being created. It really isn't recognized much
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  Speaker 2: by down south and we just see very little competition
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  Speaker 2: up here and we can get good value for money.
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  Speaker 2: We find that the territory government is very good to
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  Speaker 2: deal with. They actually want to achieve things. You can
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  Speaker 2: get to talk to decision makers, where in all the
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  Speaker 2: other places you just get the run around and nothing
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  Speaker 2: ever happens. So you know, we have one point three
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  Speaker 2: billion invested from Akai North and by Christmas we'll have
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  Speaker 2: about one point seven billion. Yes where a long Mackay
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  Speaker 2: in towns will But of all the places in all
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  Speaker 2: the territory is about by far our favorite.
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  Speaker 1: And Warren you'd mentioned a little while ago that you
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  Speaker 1: know that you were looking to do another deal yesterday.
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  Speaker 1: Any info you can give us about that one yet
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  Speaker 1: or still early days?
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  Speaker 2: Certainly, absolutely nothing, Katie.
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  Speaker 1: All always try, Warren always ask.
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  Speaker 2: Well, well you'll get eleven points for trying. But we've
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  Speaker 2: got a lot of work to do. We've got to
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  Speaker 2: you diliges in finance and everything else and it's sort
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  Speaker 2: appropriate for the vendors yet that we announce it. But
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  Speaker 2: you know, it's you know, there's a lot of areas
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  Speaker 2: where there's needs. There needs to be more accommodation here,
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  Speaker 2: there needs to be more hotels, there needs to be
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  Speaker 2: more office and with current construction prices it is almost
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  Speaker 2: well it is impossible to make the deal Sack. So
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  Speaker 2: we have started a new business, Northern Australia Accommodation Solutions,
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  Speaker 2: where we're bringing modular construction in from overseas and you
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  Speaker 2: know a lot of people think of the shipping container,
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  Speaker 2: but this, this is nothing like that whatsoever. It is
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  Speaker 2: absolutely best quality in the world. Fifty years structural warranting
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  Speaker 2: and we're very excited about that because to achieve the
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  Speaker 2: government's stated aim of forty billion dollar economy by other
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  Speaker 2: thirty five thousand jobs, the reality is Northern Territory needs
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  Speaker 2: to complete fifty homes every working day for the next
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  Speaker 2: seven years.
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  Speaker 1: It's quite phenomenal when you actually look at, you know,
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  Speaker 1: at the homes that we're going to need if we're
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  Speaker 1: able to get to the you know, get the economy
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  Speaker 1: ticking overlight. The way that the Northern Territory government wants
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  Speaker 1: it to and the way in which we're all hoping
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  Speaker 1: that it does. But like you've touched on, if we're
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  Speaker 1: expecting that many workers and that many people to live here,
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  Speaker 1: they need somewhere to live. So Warren, you're looking at sentinels,
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  Speaker 1: looking at these modular homes.
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  Speaker 2: Katie, I'm actually sitting in our prado Kakadou with our
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  Speaker 2: n double ais stickers on the side at the moment
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  Speaker 2: out there, and proud we are, Katie. If you keep
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  Speaker 2: doing it the same way, what is it, furly, somebody
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  Speaker 2: keeps doing something the same way over and over again,
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  Speaker 2: expectative result With current construction methods in situ, you just
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  Speaker 2: cannot deliver the numbers. And that's not just dar and
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  Speaker 2: that's all around Australia. We have a shortage of a
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  Speaker 2: labor and a shortage of materials. So you know, we
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  Speaker 2: just have to do we have to do it something different. Sorry,
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  Speaker 2: we have to do it different. And one of the
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  Speaker 2: many advantages that Darwin the Northern Territory has is we're
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  Speaker 2: on the doorstep of Asia. We can get things to
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  Speaker 2: live here so quick from Asia, and we're very focused
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  Speaker 2: on the quality to get people to move up up
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  Speaker 2: from down South. You have to provide them quality accommodation
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  Speaker 2: for their family. I know one of our early discussions
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  Speaker 2: with Michael Gunner it was about quality accommodation for families.
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  Speaker 2: You've got to have people who establish roots here. You
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  Speaker 2: can't just have an intemporary accommodation where it's very easy
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  Speaker 2: just to sob We'll move back to Brisbane or Sydney
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  Speaker 2: or Melton, wherever it is. You need quality accommodation where
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  Speaker 2: they can make a home for themselves. And we're very
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  Speaker 2: focused on that. And we've set up a business and
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  Speaker 2: we're actually fitting out an office in Jacana House, which
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  Speaker 2: we own at the moment, and we're into it. We
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  Speaker 2: are going to start delivering these houses.
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  Speaker 1: It'll be something to keep a really close eye on. Hey, Warren,
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  Speaker 1: before we get ready to wrap up, can I ask
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  Speaker 1: you how are things going at Casuarina Square at the moment?
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  Speaker 1: I know you and I have spoken on numerous occasions
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  Speaker 1: about some of the anti social behavior and crime that
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  Speaker 1: you've had to deal without there since taking over the center.
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  Speaker 1: How things going from from this point.
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  Speaker 2: Very good, Katie. I was out there yesterday and the
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  Speaker 2: dogs are having a wonderful time the security dogs. Yes, yes, yes,
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  Speaker 2: they had a lot to say. It's not something you'll
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  Speaker 2: ever eliminate, you know, and we all know it's only
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  Speaker 2: a small percentage of the people there, but the dogs
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  Speaker 2: do make a difference. So it's amazing how how the
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  Speaker 2: how the dogs can stiff out problems. And we've got
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  Speaker 2: a few other things that we're working on at the
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  Speaker 2: moment too. You know, the people hopefully see before Christmas
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  Speaker 2: that will will make a difference, and we're going to
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  Speaker 2: keep chipping away at it. You know, you can never
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  Speaker 2: change anything overnight, but we are making incremental improvements and
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  Speaker 2: we've known from people they certainly feel much better when
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  Speaker 2: they when they see the dogs around.
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  Speaker 1: And has there been any update on moving that bus
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  Speaker 1: exchange as well? You and I discussed that a little
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  Speaker 1: while back. Any movement in that space, Well we we.
• 9:03
  Speaker 2: I think we're lot. We've lodnched the application for it, Katie.
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  Speaker 2: The troubles we're getting prices at the moment. It's gone
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  Speaker 2: from twenty million to over thirty million, so I might
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  Speaker 2: have to talk to you off air about alone.
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  Speaker 3: Okay, no worries, no worries, all right, Katie, All right,
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  Speaker 3: Well we appreciate your time this morning, Warren, thank you
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  Speaker 3: very much for having a chat with us.
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  Speaker 2: Thanks Katie, thank you