ISPT Finalises Acquisition of Woolworths-Anchored North Shore Marketplace

9 May 2025

The asset will become a part of the ISPT Retail Australia Property Trust (IRAPT) Fund

Leading fund manager ISPT, through the ISPT Retail Australia Property Trust (IRAPT), has acquired the Woolworths-anchored North Shore Marketplace in Burdell QLD from Clarence Property.

The centre brings together 14 specialty retailers alongside four office tenancies, with a gross lettable area (GLA) of 5,691 sqm and total site area of 2.9 Ha. The centre opened in 2011 and provides for approximately 270 car bays. The main trade area population sits around 51,000 and projected to increase to circa 73,000 by 2041 reflecting an average annual growth rate of 2.1%.

ISPT was motivated to secure the deal off-market via CBRE due to the high performance of Townsville assets across its portfolio, including Deeragun Village and Thuringowa Village.

The nearby assets also means that ISPT will be able to seamlessly integrate North Shore Marketplace within existing management resources of nearby centres, demonstrating the key strength of ISPT and CBRE’s national partnership, which has ISPT’s assets managed by precinct rather than by sector, culminating in 11 geographical areas covering 120 assets nationally.

The new acquisition will add to the IRAPT fund, which has consistently outperformed the industry with an 8.19 percent fund return (net of fees) since inception – significantly above both the MSCI index of 5.74 percent and the MSCI retail index of 3.71 percent over the same period. IRAPT has also been the best performing retail fund in the MSCI retail index over 3, 5, 7 and 10 years.

The acquisition aligns with IRAPT’s strategy of focusing on non-discretionary retail, and will allow ISPT to grow its exposure to the key Townsville growth corridor while strengthening its footprint of Woolworths supermarkets within its portfolio.

Quote attributable to Kate Mathewson, Fund Manager, ISPT Retail Australia Property Trust

“ This asset represents an excellent fit within the IRAPT strategy of acquiring assets in growth corridors and, additionally creating a hub of assets in the Townsville region.”

“ The acquisition of Northshore Marketplace increases IRAPT’s exposure to high-quality, non-discretionary grocery anchored retail assets located in dominant catchments across Australia.”