Suburban Ipswich shopping centre sells for $37m
A SUBURABN Ipswich shopping centre has sold for close to $37 million.
Ipswich Homebase at West Ipswich sold for $36.25 million this week, close to $14 million more than what it sold for five years ago.
The centre is home to Fantastic Furniture, Spotlight, Forty Winks, Chemist Warehouse, T.K. Maxx and IGA supermarket and last sold in February 2013 for $23.5 million.
Sentinel sold the Ipswich Homebase to national property fund manager Primewest.
Sentinel Managing Director Warren Ebert said the sale, one of three nationally, proved as strong incentives for investors.
"The decision to sell is consistent with Sentinel's strategy of buying at an opportune time and then selling based on our view of the market," Mr Ebert said.
"The large format retail sector continues to perform, particularly in high-growth, well-established locations such as Ipswich, Dandenong and Nowra. The fact that these centres maintain full occupancy underwrites the interest from high-profile retailers to have exposure in this style of asset, in these locations."
Sentinel has a total national portfolio of more than 40 assets.