ISPT sheds another mall stake
ISPT is selling a half stake interest in another shopping centre – this time in a Melbourne growth corridor.
The interest in Cranbourne Park at 125 High Street – developed in 1979, the first significant centre when the precinct’s first housing estates were built – is believed to collecting nearly $130 million from Chris Lock’s IP Generation.
That result would be a little lower than market value – c$138m, which is a c20pc drop on pre-COVID peak pricing.
Vicinity is the co-owner and manager.
Stonebridge’s Justin Dowers, Carl Molony and Philip Gartland with JLL’s Sam Hatcher and Stuart Taylor acted for ISPT which held Cranbourne Park in the Core Fund.
Earlier this month we reported the manager, for the same trust, offloaded a 50pc stake in Warriewood Square, near Newcastle, for $135.5m.
Cranbourne Park
On 7.51 hectares with development upside, Cranbourne Park contains 33,868 square metres of lettable area, 97 pc of which is occupied (story continues below).
Coles, Kmart and Target are the anchors.
There are also c140 specialty stores, 1400 sqm of office space and a 400 sqm gym.
Built in 1979 but extended and refurbished by ISPT and Vicinity a decade ago, the gross lettable area is 46,279 sqm, with 1587 car parks.
The result reflects a c8.2 per cent net passing yield.
The deal comes seven months since IP Generation bought Nunawading’s Brandsmart, on 2.58ha.
Also earlier this year the group acquired Stockland Glendale, north of Newcastle, for $315m.
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