Charter Hall eyes Geelong mall
Chris Lock’s IP Generation is realising another profit selling a Geelong region asset after a renovation.
This time, the 18.6 hectare Corio Village, is trading, for a speculated $145 million to Charter Hall.
IP paid Vicinity $101m in 2019 – a 3.8 per cent drop to the then book value.
A revamp of the 31,052 square metre complex anchored to Coles, Kmart and Woolworths was then undertaken, and it was leased up.
It was also slightly extended, including with a Planet Fitness Gym, before being offered by JLL’s Nick Willis and Sam Hatcher.
Corio is nine kilometres north of Geelong’s CBD.
The sale comes three years since IP sold Torquay’s ex-Quiksilver headquarters at Torquay after a renovation, extension and full let up.
It reaped $40m after being purchased for $15.2m in 2018.
Another $13m was spent on the revamp (story continues below).
Torquay is 20km south of Geelong in a different shire (Surf Coast).
IP sells after spending spree
The sale, which has not been finalised, comes two months since we reported IP Generation, in a leaseback, is paying South Africa’s Woolworths Holdings Limited $223.5m for the Bourke Street Mall’s David Jones store, developed in 1910 as the Buckley & Nunn building.
On an acre, it contains 25,000 sqm, occupied by the retailer since 1982.
It will be held in the IPG Special Situations Income Fund which in October bought a half-stake in Cranbourne Park from ISPT for nearly $130m.
Last March meanwhile, for another fund, Mr Lock acquired Nunawading’s Brand Central, on 2.6ha in Melbourne’s east.
Charter Hall meanwhile, via its Retail REIT – which is speculated will hold Corio Village – and Hostplus, in January acquired a 50pc of Hobart’s Glebe Village.
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