ISPT secures balance of Mornington mall
ISPT has bought the half stake it didn’t control of a Mornington shopping centre.
For the ISPT Retail Australia Property Trust, or IRAPT, the manager is outlaying a speculated $46 million for the interest of Mornington Central at 78 Barkly Street.
With 11,474 square metres, it is anchored to Coles and Woolworths with 29 specialty stores and 10 kiosks – all renovated two years ago.
The 2.11 hectare site, also fronting Railway Grove, and Gordon streets, has 312 car parks.
Vicinity Centres was the seller.
ISPT buys, sells stakes
Mandated to hold a c$2.5 billion portfolio, IRAPT now manages over 50 assets (story continues below).
“The private sale…allows…full control over the asset’s management, leasing, and future strategic direction,” a representative for the buyer said.
“The centre’s strong trading metrics, including a 12-month rolling annual turnover of $108.6m, reflects the robust consumer demand within the area and rise of non-discretionary spending more broadly in Australia, supporting ISPT’s overall IRAPT fund strategy,” they added.
Mornington is about 46 kilometres south of Melbourne’s CBD
The Mornington Central deal comes six weeks since ISPT was reported to be selling its 50pc interest in Cranbourne Park, also in Melbourne’s south east, for nearly $130m to Chris Lock’s IP Generation.
In Perth’s north Clarkson meanwhile, it this week bought a Woolworths anchored mall from that group’s development arm, Fabcot, outlaying $35.75m.
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