ISPT Acquires Shopping Centre For $72.5 Million

Melbourne businessman and philanthropist Andrew V Myer has sold The Well Shopping Centre in Camberwell, Melbourne, to ISPT for $72.5 million.

The sale represents an initial yield of 6.06 per cent and a fully leased yield of 6.78 per cent. JLL’s Simon Rooney handled the sale process exclusively for the AV Myer Group.

Mr Myer said he was delighted with the sale price and the future outlook for The Well. “ISPT were very professional during the process and I feel their expertise and commitment to retail property means The Well will continue to improve,” Myer said.

The Well occupies a landmark site on Camberwell Junction in the prestigious and highly affluent eastern suburbs of Melbourne, less than eight kilometres from the Melbourne CBD.

It features 23 high quality specialty shops, four kiosks and five ATMs, providing a total Gross Lettable Area (GLA) of 9,325 sqm and approximately 352 dedicated undercover car parking spaces. Tenants include Coles, Dymocks, JB Hi-Fi, Terry White Chemist, Liquorland and Goodlife Health Club.

The Well services one of the most affluent catchments with per capita and household income levels some 45 per cent and 42 per cent above the Melbourne metropolitan averages respectively.

JLL’s Head of Retail Investments Australasia Mr Simon Rooney said the sale of The Well reflected growing momentum in the convenience-based, non-discretionary retail sector.

“Neighbourhood shopping centre assets in well-established metropolitan locations, with proven stable income returns, have been highly pursued,” Mr Rooney said.

Mr Myer said he planned to put proceeds from the sale towards new property ventures and other business investments.