AMP sells outer Sydney retail centre for $140M

AMP sells outer Sydney retail centre for $140M

A retail centre 35km west of the Sydney CBD that houses anchor tenants including Bunnings and The Good Guys has been sold for $140 million to property investment firm Ashe Morgan.

AMP Capital Diversified Property Fund sold the Crossroads Homemaker Centre in a deal that was co-marketed by Stonebridge Property Group and CBRE.

CBRE highlights the transaction for the 48,400sqm-plus centre shows continued demand for Sydney metropolitan retail assets.

Located on the corner of Beech Road and Camden Valley Way, Casula, Crossroads hosts 28 large format retailers also including Freedom, Nick Scali and Fantastic Furniture.

The property, which was developed by AMP Capital after its acquisition of the 143,400sqm site in 2002, also benefits from proximity to one of Sydney's two Costco wholesale supermarkets.

"Despite forecast headwinds in the retail sector, we are continuing to see an uplift in enquiry and bidder interest as investors identify relative value in the sector compared to other commercial real estate sectors," says CBRE agent Nick Wills.

"This was again evidenced with Crossroads Homemaker Centre, where we attracted strong and diverse investor interest from private and institutional groups, with 46% of the formal offers received being maiden capital into the large format retail sector.

"The Homemaker Centre's strategic gateway position in Sydney's south west growth corridor, coupled with its143,400 sqm underlying land area over four separate lots, provides flexibility to adapt the asset to meet the needs of the rapidly changing surrounds."

Jonathan Fox of Stonebridge added the volume of enquiry was extremely strong during the sale campaign.

"We received 13 expressions of interest and the highly competitive second round process highlighted the depth of demand for quality Sydney metropolitan retail assets," Fox said.

More here

Reported by Business News Australia

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Car subscription software company Loopit eyes global markets after $3.6m seed round

Car subscription software company Loopit eyes global markets after $3.6m seed round

In a bid to enter new global markets and capitalise on the growing ...

Fashion-tech startup Citizen Wolf uses data to tailor tees, alleviate landfill

Fashion-tech startup Citizen Wolf uses data to tailor tees, alleviate landfill

As a consequence of our addiction to fast fashion, Australia sends ...

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

In an effort to appease Australian and New Zealand regulator concer...

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

After securing an $830 million contract from Dexus (ASX: DXS), Melb...