ISPT has acquired Caloundra Village, an established neighbourhood centre 75km north of Brisbane CBD via the ISPT Retail Australia Property Trust (IRAPT) for $30.5m.
Caloundra Village is anchored by a strong performing IGA plus 12 non-discretionary speciality stores and was acquired from Marquette Properties who paid $18m in September, 2017.
The Seasons IGA has recently signed a new 15 year lease providing a WALE of 9.5 years for the whole Centre with 93% of income underpinned by non-discretionary retailers.
The latest price paid by ISPT reflects a yield of 4.75%, one of the sharpest yields for an IGA based Centre in Queensland.
Caloundra Village joins two other Sunshine Coast properties in IRAPT’s portfolio – Coolum Park and Coolum Village. These centres provide retail offerings and essential services for our customers, communities and visitors to the Sunshine Coast.
Kate Matthewson, IRAPT Fund Manager said the acquisition aligns with IRAPT’s strategy for 2021-2025.
“Caloundra Village is a solid addition to IRAPT’s portfolio of convenience-based neighbourhood centres. This acquisition increases IRAPT’s exposure to the Sunshine Coast, an area experiencing a sea-change population boom and significant government investment and infrastructure.”
JLL’s Jacob Swan and Ned McKendry represented Marquette.