This article is from the Australian Property Journal archive
THE ISPT Retail Australia Property Trust (IRAPT) has acquired two shopping centres for $82 million.
The trust has acquired the Woolworths Clarkson in Western Australia for $36 million and increased its stake in Mornington Central in Victoria to full ownership.
The Woolworths Clarkson, located 35 km north of Perth in the City of Wanneroo, is a 6,466 sqm neighbourhood shopping centre anchored by a full-line Woolworths supermarket, and supported by tenants such as The Reject Shop, Revo Fitness, and a pharmacy.
The centre is fully leased and sits in a prime location on Neerabup Road, providing extensive parking and a range of essential services to a growing catchment area. Serving a population of 81,275 people, this figure is expected to increase by 0.9% per annum, reaching over 95,000 by 2041. Supermarkets account for a significant portion of retail expenditure in the region, making up 25.4% of total spending in 2024, with projections for future growth.
Kate Mathewson, IRAPT fund manager, said the asset is a perfect example of the fund’s strategy to invest in well-located, resilient retail centres that cater to the daily needs of the community.
The sale was brokered by Colliers’ James Wilson and Richard Cash.
In addition, ISPT has also increased its stake in the Mornington Central shopping centre in Melbourne, acquiring the remaining 50% from Vicinity Centres to take full control of the asset. This well-established neighbourhood centre, located in the affluent suburb of Mornington, boasts a total area of 11,474 sqm and is anchored by both Coles and Woolworths, complemented by 29 specialty stores and 10 kiosks. The centre also has 312 car parking spaces.
Following the acquisitions, the trust’s portfolio now consists of 34 retail assets across Australia.
James Wilson of Colliers said there is growing institutional interest in neighbourhood shopping centres.
“The transaction highlights a shift in the buyer profile for retail assets, with institutional investors now accounting for a larger portion of the market, driven by improved financing conditions and demand for high-quality assets,” he said.
Meanwhile Woolworths has also acquired Plumpton Marketplace $180 million in western Sydney. The 20,000 sqm sub-regional centre was sold by Lendlease, also by Colliers and Lachlan MacGillivray handled the sale.
