ISPT buys another Townsville shopping centre
Clarence Property Group has made a significant capital gain selling Townsville’s North Shore Marketplace after four years.
The 2.9 hectare holding with a 14 year old, 5691 square metre Woolworths-anchored shopping centre and four office suites, collected $33 million from ISPT on behalf of the Retail Australia Property Trust (IRAPT).
The seller paid $16.3m in October, 2020, as Australia came out of lockdown – a particularly depressed time for the retail sector.
At 20-38 Main Street, Burdell, with 270 car parks providing development upside, the investment is 12 kilometres west of Townsville’s CBD, in a growth corridor with a main trade area projected to rise from c51,000 to 73,000 by 2041, according CBRE’s Joe Tynan and Michael Hedger, who brokered the off-market deal.
The weighted average lease expiry by income is six years, they added; BWS and Domino’s are other high profile occupiers.
The specialty store occupiers are also tied to leases with fixed three year rent rises, they said.
ISPT controls nearby supermarket-based shopping centres – Deeragun Village and Thuringowa Village.
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