ISPT picks up another Coolum Beach shopping centre
ISPT has purchased another small shopping centre at Coolum Beach, on the Sunshine Coast.
Coolum Park at 21 South Coolum Road is costing the fund manager c$32.5 million, reflecting a c4.5 per cent net passing yield.
The vendor, Will Chains Investments, backed by Chinese and Taiwanese capital, paid $19.75m in 2016, reflecting a six pc return.
On 1.9 hectares with 238 car parks, the c2004 asset contains 4404 square metres of area with 11 specialty stores .
Woolworths occupies a 2830 sqm space.
Elsewhere in the area, ISPT controls Coolum Village at 8 Birtwill Street – which contains 5162 sqm, anchored to Coles.
That asset is one of about 30 held by the Retail Australian Property Trust (IRAPT), which, it is speculated, will control Coolum Park.
Coolum Beach is about 20 kilometres south of Noosa Heads.
Will Chains holds a Coles anchored supermarket at Upper Coomera on the Gold Coast – picked up for $12.5m in 2016 (story continues below).
ISPT weighs back into retail
The Coolum Park deal comes six months since IRAPT sold Kiama Village Shopping Centre for $49m to Woolworths, the anchor tenant, which is proposing a $10m revamp.
In January, the fund offloaded Sydney’s Greenacre Shopping Centre for $26.5m, reflecting a 5.8pc return.
Last week, the manager, on behalf of IRAPT, entered an agreement to acquire a majority stake of between $240-$330m in the Fort Street Retal Estate Capital Property Fund, from E&P Financial, a wholly owned subsidiary of Dixon Advisory & Superannuation Services, which held it on behalf of investors.
With 12 assets, in New South Wales, Queensland, South Australia and Victoria, that convenience retail fund is worth about $690m.
ISPT has additionally offered $12m for E&P’s 75pc interest in the management rights component.
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