Future growth flagged for Waurn Ponds Shopping Centre after 50pc stake is sold
NEW sole owners of the Waurn Ponds Shopping Centre have flagged future development to capture business from the expanding Armstrong Creek Growth Area.
ISPT Core Fund announced it had acquired the remaining half share in the $300 million centre on Pioneer Rd from joint venture partner Australian Unity.
The sale price has not been revealed.
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Australian Unity Retail Property Fund listed the stake in 2018 after completing a $65 million expansion.
ISPT Core Fund said in a statement that “the acquisition was a compelling opportunity to secure full control over the asset, which has a favourable location in a key growth corridor”.
The centre sits on a 24ha land holding, of which 7.6 hectares is vacant land, providing ample opportunities to elevate the site into a mixed-use precinct in the future, the fund said in a statement.
“Waurn Ponds Shopping Centre is a strong performing asset in a fast growing and dynamic catchment area,” Fund manager Mark Bassett said.
“Geelong’s economy is diverse and resilient and we see real potential for sustainable growth over the long term as people take advantage of the lifestyle and commuting options available,” Mr Bassett said.
“We look forward to enhancing the centre and continuing to provide the community with a convenient retail offer that supports their needs.”
The fund stated it was excited to consolidate its role in the Waurn Ponds’ town centre and the entertainment, dining and retail amenity it provides to the Armstrong Creek urban development zone and the Greater Geelong and Surf Coast regions.
Colliers International agent Lachlan MacGillivray handled the sale.
The funds haven’t revealed the sale price but The Australian reported that Australian Unity has previously said it may achieve a “strong sale outcome” for the fund’s 50 per cent interest in the property, compared to its one-time book value of $140m.
Australian Unity sold its first half stake to ISPT in 2014, following the redevelopment.
Waurn Ponds Shopping Centre attracts about 8 million visitors a year and more than $300 million in turnover, with anchor tenants including Kmart, Woolworths, Coles and Reading Cinemas.