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

Operating the board collaboratively, efficiently and securely
Partner Content
'Digitisation' and 'digitalisation' are two words that are frequently t...
OnBoard
Advertisement

Related Stories

Myer's online sales surge 54 per cent but Omicron hampers post-Christmas performance

Myer's online sales surge 54 per cent but Omicron hampers post-Christmas performance

Although Myer (ASX: MYR) has reported a strong period of trade in t...

Demand for local travel sees Camplify flourish despite lockdowns

Demand for local travel sees Camplify flourish despite lockdowns

Despite widespread lockdowns restricting movement across Australia,...

Consumer confidence bounces back after hitting 15-month low

Consumer confidence bounces back after hitting 15-month low

Australian consumer confidence rose 2.2 per cent last week after dr...

Coca Cola offloads beer and cider brands to Yellow Tail and Peter Lehmann Wines owner Casella

Coca Cola offloads beer and cider brands to Yellow Tail and Peter Lehmann Wines owner Casella

No longer the eternal hoptimist, Coca-Cola is finally calling last ...