Charter Hall secures Spotlight and Fantastic Furniture for new bulky good retail site in Ipswich

The Charter Hall Group, one of Australia's leading property fund managers and property developers announced its Core Plus Retail Fund (CPRF) has acquired off-market, a bulky goods retail site in the South East Queensland City of Ipswich for $8 million. This latest acquisition brings CPRF's assets to 17 (including the recent Rothwell acquisition), with a total portfolio value of approximately $500 million. CPRF's mandate is to acquire and actively manage bulky goods and neighbourhood shopping centres throughout Australia and New Zealand.

Charter Hall has simultaneously reached agreement to pre-lease 50% of the centre to anchor tenants, Spotlight and Fantastic Furniture on long term leases to be effected from completion of the project.

Located at 339 Brisbane Street, Ipswich, the site covers 2.9 hectares of prime land and is situated on one of Ipswich's major roads with secondary frontages to Keogh Street. The site will be developed into a bulky goods retail centre to be branded Home HQ Ipswich, covering approximately 13,000m2 over a single level and car parking for approximately 257 cars. Charter Hall is an experienced developer and long term owner of retail bulky goods centres and is developing a range of Home HQ centres around the country including Home HQ Nunawading in Victoria (completed October 2006) and Home HQ Northshore, Artarmon in New South Wales. 

David Harrison, Charter Hall's Joint Managing Director said: "The acquisition demonstrates Charter Hall's ability to secure sites with value add opportunities and draws on the skills and experience of both our Queensland office and specialist retail executives. Home HQ Ipswich is further representative of our commitment to the bulky goods market and a partnering approach we take with retailers in designing centres to meet their requirements".