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An Ipswich retail centre that changed hands for $23 million is the latest investment for a Western Australian funds manager.
Westbridge Funds Management’s purchase of Redbank Plains Travel Centre marks the final addition to its Diversified Fund No. 4, which now comprises approximately $125 million across eight assets located around the country.
Situated at 588 Redbank Plains Road in Queensland, the eighth addition to Westbridge’s popular commercial fund boasts over 89 per cent of its income secured to national and global retailers.
With an attractive weighted average lease expiry of 6.27 years, the centre is anchored by an Ampol petrol station and includes transit-friendly food offerings such as Krispy Kreme, Zarraffa’s Coffee and burger chain Carl’s Jr.
The Redbank Plains property was chosen to round out the portfolio, which includes a Western Australian shopping complex tenanted by Dan Murphy’s, a Victorian industrial space and a Queensland manufacturing facility.
Simon Worth, head of capital transactions at Westbridge, explained the strategy behind selecting this asset as the final purchase for Diversified Fund No. 4.
“With the asset’s leasing profile linked to a blend of CPI and fixed review structures, we saw an opportunity with this acquisition to build on the fund’s defensive income profile, which has been a key part of our strategy in safeguarding against the current high inflation environment,” Worth explained.
Its proximity to Brisbane and location within a high-growth corridor added to its long-term prospects.
“Moreover, the centre is located within the emerging Ipswich City Council, which is one of Australia’s fastest growing local government areas, aligning with our mandate to acquire assets in locations with long-term capital growth potential,” Worth added.
Damian Collins, chairman of Westbridge Funds Management, added that the firm had spent “considerable time” in selecting this property.
Westbridge reported that the aim of the Diversified Fund No. 4 is to deliver monthly income as well as capital growth potential.
“With its strategic location and strong blue-chip income stream, the addition of the Redbank Plains Retail Centre has served to further emphasise these objectives, and in our view has been the ideal asset to close out the fund,” Collins said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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