ISPT acquires development at The Ponds Shopping Centre, The Ponds, NSW

The Ponds Shopping Centre, The Ponds, NSW is a planning approved neighbourhood shopping centre due to commence construction in early 2014, with completion due by April 2015. The ISPT Retail Australia Property Trust has acquired 100% interest in the development land.

ISPT and Australand, the property developer, have entered into Development and Funding Agreements. Australand has been appointed to manage the development, construction and leasing of the Centre.

On completion, The Ponds will comprise a single level neighbourhood shopping centre anchored by a full-line 4,200 sqm Woolworths supermarket, 24 specialty shops, two kiosks and two ATMs. There will be on-grade and basement car parking for 349 vehicles. The Centre will have a net lettable area of approximately 7,000 sqm.

Daryl Browning, Chief Executive Officer, ISPT said: “The Ponds will deliver on the ISPT Retail Australia Property Trust strategy to acquire strong performing, well anchored centres in affluent growth markets.”