ISPT divests maiden Brisbane mall
ISPT has sold a north Brisbane shopping centre after nine years.
Bracken Ridge Plaza at Bracken Ridge collected $39.39m following an off-market deal settling late last month to private local group, BRP Qld Property.
It paid Bookworld founders and ex-owners Terry Herbert and David Dodd $29m.
The centre was the Melbourne based group’s first in Brisbane.
Bracken Ridge Plaza
At 250 Telegraph Road, on the north east corner of Norris, Bracken Ridge Plaza contains 6079 square metres anchored to Coles.
There are also 25 specialty stores (story continues below).
ISPT held it in the Retail Australia Property Trust.
The disposal comes five months since the fund manager sold its stake in Melbourne’s Cranbourne Park for nearly $130m to Chris Lock’s IP Generation.
Mid last year it also divested a strata titled Dee Why, Sydney, mall, held a decade.
It has also backed major retail including in December, when it acquired the 50pc interest it didn’t control in Mornington Central, in Melbourne’s south east, for $46m.
Bracken Ridge is about 18 kilometres from town.
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