IRAPT settles on three retail centres
The ISPT Retail Australia Property Trust (IRAPT) has settled on three retail centres through its joint venture with Coles Group Property Development. ISPT has a 75% interest and Coles Group Property Development retains a 25% interest in the properties.
Two retail centres are in Melbourne and the third is in Perth. Coles Brighton, 380 Bay Street in Brighton, VIC, is a standalone Coles supermarket that is part of a larger development with residential units above. Coles Mill Park Lakes, the Boulevard and Gordons Road, Mill Parks Lakes, South Morang, VIC, comprises a Coles supermarket and 5 speciality retailers. Beeliar Village, 8 Durnin Avenue, Beeliar, WA is a neighbourhood centre with a Coles supermarket, 11 speciality retailers and a McDonalds and Coles Express located on pad sites.
“IRAPT’s strategy is to target non-discretionary retail, with emphasis on food sales through grocery-based anchors, complemented by food and service specialty retail. The addition of these three properties complements the existing portfolio and affirms the co-investment partnership model with Coles. In the future we will be developing further owner and developer partnerships to support the growth ambitions of IRAPT,” said Cameron Gregson, Fund Manager, ISPT Retail Australia Property Trust.