ISPT has acquired the North Shore Marketplace in Burdell, Queensland from Clarence Property in an off-market sale.
The shopping centre has 5,691sqm of gross lettable area and is home to Woolworths, and other 18 specialties and offices including BWS, Domino’s, Studio Pilates, TSG, and United Chemist.
CBRE’s Joe Tynan and Michael Hedger managed the transaction on behalf of Clarence Property.
CBRE noted that North Shore Marketplace is underpinned by a six-year Weighted Average Lease Expiry (WALE).
“Since acquiring the centre in October 2020, we’ve strengthened its long-term value through key upgrades, including a regional Woolworths Direct to Boot, new tenancy fit-outs, and an optimised tenancy mix,” said Ben Somerville, Head of Capital Transactions at Clarence Property.
“The Woolworths works and Direct to Boot offering have further lifted the centre’s appeal, and we’re proud of what the team has achieved in a short time.”
Located 12km west of Townsville, North Shore Marketplace is surrounded by national retailers including Hungry Jack’s, McDonalds, and Bunnings Warehouse.