ISPT sells Blue Mountains shopping centre
ISPT has sold Katoomba Village – in the Blue Mountains – which it bought new from the developer and anchor occupier Coles.
Precept Property Partners is the buyer – for $34.8 million, a 6.36 per cent net passing yield.
With 5400 square metres, there are five specialty tenancies and two kiosks.
Coles, which operates a Liquorland with the supermarket, is on a lease expiring 2033 with options.
The asset was held in the ISPT Retail Australia Property Trust (IRAPT); the manager bought its first stake, for three quarters, in 2013, and the balance in 2016 – all up for $32.65m.
CBRE’s James Sherley and James Douglas with JLL’s Sam Hatcher, Sebastian Fahey and David Mahood were the agents.
The deal comes 15 months since we reported Precept with Stabilprop purchased the Bathurst Homemaker Centre – the conversion of a Masters store – from Argus Property Partners and Kaipara Group.
Earlier this year meanwhile Precinct offload a Brisbane industrial asset for a windfall on its 2023 outlay.
ISPT merged with IFM Investors in December.
ISPT reweighs
The Katoomba Village deal comes a week since we reported ISPT sold 206 Bourke St, in Melbourne’s Bourke St Mall, for $80.1m – a loss on what it paid in 2015.
It also recently shed shopping centres Bracken Ridge Plaza, in Brisbane, and a stake in Melbourne’s Cranbourne Park.
The manager, for IRAPT, has also been buying assets including in May, Townsville’s North Shore Plaza, from Clarence Property Group.
Last year meanwhile it acquired the interest it didn’t control of Mornington Central, near the Mornington Peninsula, in Victoria.
Katoomba is about 100 kilometres west of Sydney’s CBD.
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