IP Generation eyes major Brisbane mall
Chris Lock’s IP Generation, since mid-year an arm of MA Financial, is eyeing another land-rich shopping centre, this time in Brisbane’s south east Loganholme.
The Hyperdome, on 44 hectares, is costing $700 million.
QIC was the seller.
Triple supermarket anchored, with 181 specialty stores – and a bulky goods precinct completed five years ago as part of a revamp – the complex contains 73,005 square metres.
Bunnings, The Good Guys and Supercheap Auto rent in the Home Centre.
Also with 4453 car parks, the asset registered 9.2 million visits last year, according to the landlord.
IP builds portfolio
IP is expected to revamp the Hyperdome again, possibly adding non-retail product.
There is also the potential to add high density residential.
Any redevelopment plan is expected to call in capital partners.
CBRE’ Simon Rooney is representing QIC which acquired the first half of the asset in 1996 and seized full control 12 years ago.
Any deal would come three months since we reported IP was paying Blackstone c$500m for Top Ryde City, a strata retail investment with 77,488 sqm and 2739 car parks, on 3.4ha.
In January meanwhile, Mr Lock paid South Africa’s Woolworths’ $223.5m for the 25,000 sqm c1920 Buckley & Nunn building – on an acre in Melbourne’s Bourke Street Mall.
Not long earlier the group also bought a half stake in Cranbourne Park, in that city’s outer south east.
ISPT was that seller, for nearly $130m.
In a much smaller deal, for another fund, IP in May acquired North Geelong’s ex-Ray’s Outdoor outlet, on 5564 sqm.
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