The Nowra House & Home complex, home to a number of national tenants including Spotlight, Pillow Talk and BCF has been sold by the Sentinel Property Group.

The company sold the 1.87ha site with 160 car spaces and more than 230m of frontage on Central Avenue, within the dominant homemaker precinct of South Nowra, opposite complimentary retailers such as Harvey Norman and Supercheap Auto.

A private investor has bought the location for $20.3m in a deal negotiated by Stonebridge’s Phil Garltand and William Blanch.

The single level centre, secured by eight high quality national and government tenants, was purchased by Sentinel for $15.3 million in July 2015, representing an uplift in value of more than 32 per cent.

Sentinel managing director Warren Ebert said the decision to sell the Nowra property was driven by Sentinel’s view of the market and the current strong appetite for regional homemaker assets.

“Nowra House & Home has been a strong performing asset since being acquired by Sentinel,” he said.

“The centre is now fully leased with an active leasing campaign resulting in long term leases being in place to national homemaker and government tenants.”

The site is over a total GLA of 8,096 square metres.

Sentinel has also sold the Ipswich Homebase and the Dandenong Home Quarter in Melbourne’s south east to national property fund manager Primewest for a total purchase price of $68.75 million.

Mr Ebert said the three retail centre transactions showcased Sentinel’s ability to buy and sell key investment assets at the right time.

“These sales have been excellent results for our investors and the decision to sell is consistent with Sentinel’s strategy of buying at an opportune time and then selling based on our view of the market,” Mr Ebert said.

Established in 2010, Brisbane-based Sentinel has a total national portfolio of more than 40 retail, industrial, office, land, tourism infrastructure and agribusiness assets in Queensland, NSW, Victoria, Western Australia, the ACT and the Northern Territory with a total value in excess of $1.1billion.