ISPT Retail Australia Property Trust (IRAPT) has announced the acquisition of a prime retail asset Woolworths Clarkson in Western Australia, in addition to increasing its stake in Mornington Central in Victoria to 100%.
These strategic additions align with the $2.5 billion IRAPT fund’s strategy to reinvest capital into high-quality neighbourhood centres strategically located within key geographic hubs, where non-discretionary retail continues to demonstrate resilience and long-term income stability.
IRAPT currently holds 34 retail assets across its national portfolio and has consistently performed as the best retail fund within the MSCI retail index over the last three, five, seven, and ten years.
Kate Mathewson, IRAPT Fund Manager said: “These acquisitions are a testament to ISPT’s strategic approach to capital recycling, allowing us to invest more in assets that meet the needs of the communities they serve but also align with IRAPT’s long-term growth objectives. By focusing on assets within established hubs, like Woolworths Clarkson and Mornington Central, we continue to strengthen our portfolio with resilient, income-generating properties that are poised for sustained success.”
The Woolworths Clarkson retail asset is a recently revitalised neighbourhood shopping centre totalling 6,466m2 GLA. Located 35km north of Perth in the City of Wanneroo at 19 Neerabup Rd, Clarkson, the centre is fully leased and anchor tenanted by a full-line Woolworths.
Supporting tenants include The Reject Shop, Revo Fitness, a pharmacy, kiosk, and five other specialty stores. The centre is also supported by approximately 300 on-grade carpark spaces to facilitate convenient visitation.
Currently servicing a significant catchment area with a population of 81,275 people, this is projected to grow by 0.9% per annum reaching over 95,000 by 2041. The asset was acquired after an on market EOI campaign conducted by James Wilson and Richard Cash from Colliers.
ISPT research indicates supermarkets account for the area’s largest retail expenditure, representing roughly 25.4% of total expenditure in 2024, the equivalent of $478.8 million.
Similarly, the Mornington Central site is an established neighbourhood shopping centre in Melbourne’s affluent suburb of Mornington. Totalling 11,474m2 GLA, the site’s major tenants include a Coles and Woolworths, complemented by 29 specialty shops, 10 kiosks, and 312 dedicated car parks.
The private sale from Vicinity Centres allows ISPT to increase its ownership of Mornington Central from 50% to 100%, allowing full control over the asset’s management, leasing, and future strategic direction.
The centre’s strong trading metrics, including a 12-month rolling annual turnover of $108.6 million, reflects the robust consumer demand within the area and rise of non-discretionary spending more broadly in Australia, supporting ISPT’s overall IRAPT fund strategy.
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