ISPT becomes sole owner of Waurn Ponds Shopping Centre, Greater Geelong
ISPT has acquired the remaining 50% interest in Waurn Ponds Shopping Centre from Joint Venture partner Australian Unity. The acquisition was a compelling opportunity to secure full control over the asset, which has a favourable location in a key growth corridor.
Potential mixed use opportunities
The centre sits on a large 24 hectare 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.
Mark Bassett, Fund Manager for the ISPT Core Fund said
“Waurn Ponds Shopping Centre is a strong performing asset in a fast growing and dynamic catchment area. 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. We look forward to enhancing the centre and continuing to provide the community with a convenient retail offer that supports their needs.”
ISPT is 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.