ISPT acquires The Well, Camberwell
The Well, Camberwell, is a convenience based neighbourhood shopping centre that has been acquired under the IRAPT portfolio. The Well comprises a retail centre anchored by Coles, JB Hi-Fi, Goodlife Health Club, Dymocks and an ABC Shop plus 23 specialty retailers. The Centre is located in the midst of the Camberwell shopping precinct, and is within 10 km’s of the Melbourne CBD.
The Well and its car park are located on four levels, including basement, of the property and there are 42 residential apartments on levels four to six which do not form part of this acquisition.
Cameron Gregson, IRAPT Fund Manager said: “The Camberwell precinct is undergoing significant transformation, driven by increased residential density and the strong demand to live in this well located suburb of Melbourne. The Well is a quality retail asset within the inner metro location and acquisition opportunities like this are scarce. I see great opportunity to re-position The Well to better meet the growing food convenience, dining and personal services needs of the local consumer.”