Woolworths buys Kiama shopping centre from ISPT

ISPT’s proposed revamp would have added 40 per cent more retail space and 89 car parks.

Woolworths has paid ISPT a speculated $49 million for the Kiama Village shopping centre, with plans for a major refurbishment.

The buyer occupies about two thirds of the 5208 square metre complex – for a supermarket and BWS.

There are also 17 specialty stores, including a mini-major occupied by The Reject Shop, and 190 car parks.

ISPT picked up the Kiama asset, 143 Terralong Street, for c$38m six years ago; it was one of two retail investments acquired from Ganellen – the other was Warners Bay Village, near Newcastle.

The NSW South Coast complex has been held in the ISPT Retail Australia Property Trust.

In late 2018, the manager unsuccessfully applied to undertake a c$15-$18m renovation and extension so as to allow for 40 per cent more retail, part of which would have been occupied by Aldi (story continues below).

A multi-level car park was also mooted.

Woolworths is intending a c$10 million revamp, to create a full-line supermarket with a click-and-collect facility, additional specialty retail and more car parks.

The retailer has been based at the centre since 1984.

Kiama is nearly 40 kilometres south of Wollongong.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.