Fund manager snaps up Ipswich shopping centre
A WEST Australian-based fund manager has refurbishment plans having snapping up a neighbourhood shopping centre south west of Brisbane.
Primewest Funds paid $35.25 million for the Yamanto Shopping Village and Yamanto LFR (Large Format Retail) Centre in suburban Ipswich, 35km south west of Brisbane's CBD through JLL's Jacob Swan and Sam Hatcher on behalf of Shayher Investments Pty Ltd.
According to CoreLogic Shayher, which is part of the giant Taiwanese apartment developer Par Jar Group, bought the property, on the corner Warwick Rd and the Cunningham Highway, Yamanto, in 2008.
Mr Swan said the buyer was attracted to the asset due to the opportunity to value-add and reposition the centre for the longer term.
"Primewest is one of Australia's most active property fund managers and was on the lookout for not only a great investment opportunity, but one where they could add value," he said.
"In this case, their strategy is to invest significant capital into the centre to reset the anchor tenant Woolworths lease and refurbish the abundant specialty offering,"
The combined 12,532sq m complex is anchored by a Woolworths supermarket, McDonalds and Super Amart, with mini-majors Super Cheap Auto and Priceline, across a single-level plaza style format and 22 specialty tenants, three pad sites, two ATMs/kiosks and 657 at grade carparking bays across an almost 5ha.