By NOEL MURPHY
KEY SUPERANNUATION player IPST is buying half of Waurn Ponds Shopping Centre in a major vote of confidence in Geelong’s economic prospects.
The group last week spent $63 million on a 50 per cent stake in the older section of the recently expanding shopping centre from Australia Unity. IPST has also struck a deal to buy the Coles-owned half of a new $65 million extension part-opened late May and set for completion next month.
“From our point of view, greater Geelong is a good investment,” IPST retail services general manager Sam Curry told the Independent.
“We’re reasonably confident how Geelong through the Surf Coast will trade. It’s a good corridor there, particularly with Coles and Kmart, Wesfarmers businesses, as a strong anchor.
“They’ve invested on the basis of good growth through the Geelong region and by all accounts Coles and Kmart, too. We certainly invest in areas where we think there’s good growth and demographic.”
Mr Curry said IPST shared the confidence Geelong Mayor Darryn Lyons had expressed at the shopping centre’s extension opening.
“He was pretty positive and he should be, too, we think.”
Coles and Kmart are spearheading the shopping centre expansion with the help of 38 specialty stores including Reject Shop, Priceline and a new food court. The final precinct will include a specialty store mall and additional fashion stores, with 1930 car parks.
Coles has also shown confidence in Geelong, with its Waurn Ponds super store the first of four new stores set to open in the Geelong region over the next two years as part of a $130 million local investment.
Coles state general manager Michael Mackenzie said the company had “great confidence in the long-term future of the region”.
