Meanwhile, a $270 million portfolio of three east coast convenience retail centres has hit the market with its owner, an ISPT-run fund, hoping to tap investor interest in the asset class.
The three malls – Market Central Lutwyche in Brisbane, Dee Why Grand in Sydney, and Camberwell Place in Melbourne – generate more than 80 per cent of their total income from non-discretionary shopping.All three sit in the $2.3 billion ISPT Retail Australia Property Trust, an unlisted property fund that delivered an eye-watering 17.5 per cent annual return over the 2022 financial yearThat result was delivered courtesy of a 12.4 per cent capital return combined with a 5.
The mall portfolio is being brokered by JLL and Stonebridge, to be sold individually or in one line. Woolworths, Coles and Aldi are the anchor tenants in the portfolio, where the average lease expiry is five years. Combined, the three malls take in more than 40,000 sq m of space. edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.