Westbridge, a Western Australia-based fund manager, has successfully acquired the Redbank Plains Retail Centre in Ipswich from Charter Hall Long WALE REIT (CLW) for $23 million. This acquisition marks the eighth and final asset for Westbridge’s Diversified Fund No. 4.
The sale was facilitated by Michael Hedger and Joe Tynan from CBRE and is part of CLW’s portfolio strategy, which also involved the divestment of industrial and office properties.
Located at 588 Redbank Plains Road, the retail centre is a convenience-oriented site with over 89% of its income secured by national and global retailers. The property boasts a weighted average lease expiry of 6.27 years, with tenants such as Ampol, Krispy Kreme, Zarraffa’s Coffee, and Carl’s Jr, among other complementary retailers.
Simon Worth, Head of Capital Transactions at Westbridge Funds Management, highlighted the centre’s leasing profile, which features a mix of CPI and fixed review structures. He stated that this acquisition strengthens the fund’s defensive income strategy, which is crucial in mitigating the impacts of the current high inflation environment.
Worth also pointed out that the centre is located within the rapidly growing Ipswich local government area, aligning with Westbridge’s mandate to invest in locations with strong long-term capital growth prospects.
Situated 25 kilometres southwest of Brisbane’s CBD, Ipswich City Council’s population is expected to grow by approximately 140% by 2041, according to data from the 2021 Census, supported by significant residential projects from Lendlease and Peet.
Damian Collins, Chairman of Westbridge Funds Management, described the Redbank Plains Retail Centre as an ideal addition to the fund’s portfolio, which now includes assets in Western Australia, Victoria, and Queensland. This diversification across sectors and locations provides investors with enhanced portfolio stability.
Westbridge Diversified Fund No. 4 concludes with approximately $125 million in assets, featuring a diverse range of high-profile tenants such as Dan Murphy’s, Holman’s Industries, Ampol, 7-Eleven, Swick Mining (Perenti), and Blackwoods, a subsidiary of Wesfarmers.
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McGees Property has a proven track record of successfully selling and managing similar assets in the Goodna area. If you have commercial properties in the Ipswich region and are looking for expert management, we are here to help. Our deep understanding of the Ipswich market makes us the perfect partner for your property needs.
Contact McGees Property Brisbane today for all your sales, leasing, and property management requirements in Ipswich. Let us help you maximise the potential of your commercial properties.
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