IP Generation flips regional NSW mall
IP Generation has flipped the Imperial Centre Gosford – part of a $300 million portfolio bought four years ago from Paul Lederer.
The 1.55 hectare, 16,769 square metre complex, permit-ready for 478 apartments in the airspace, is trading to an as yet undisclosed Sydney investor for $62.75m.
With 16,769 square metres, it is anchored to Woolworths and BWS.
There are also three mini-majors, 53 specialty stores, 14 office suites and six kiosks.
The annual return is c$3.53m.
IPG moves another ERT asset
IPG bought the Gosford complex with three other assets on behalf of the NSW Essential Retail Trust.
The outlay was $31.7m.
JLL’s Nick Willis, Sam Hatcher, David Mahood and Sebastian Fahey with Colliers’ James Wilson and Ben Parkinson managed the onsale.
The deal comes a week since we reported IPG, since mid-year owned by MA Financial, with Keppel REIT, was paying $700m for Brisbane’s Hyperdome.
In July meanwhile, the group, led by Chris Lock, was reportedly eyeing Sydney’s Top Ryde City with Keppel REIT, for $525m.
IPG has also shed NSW Essential Retail Trust properties bought as part of the portfolio from Mr Lederer, Primo founder and Western Sydney Wanderer co-owner, including Miranda Mall, for $67m, and Richmond Mall ($35m).
It holds malls at Cessnock, Corrimal and Goulburn acquired from Mr Lederer.
More to come.
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