Crossroads Homemaker Centre sold for $140 million
AMP Capital Diversified Property Fund has sold Crossroads Homemaker Centre to Ashe Morgan for $140 million in a move that highlights continued demand for Sydney metropolitan retail assets.
20 Mar 2019
Located on the corner of Beech Road and Camden Valley Way, Casula - approximately 35km from the Sydney CBD - the 48,400sqm-plus centre is home to 28 large format retailers, including anchor tenants Bunnings, The Good Guys, Freedom, Nick Scali and Fantastic Furniture.
The centre, which benefits from proximity to one of Sydney's two Costco wholesale supermarkets, was developed by AMP Capital after its acquisition of the 143,400sqm site in 2002.
Stonebridge Property Group and CBRE co-marketed the property on behalf of AMP Capital.
CBRE's Nick Willis commented: “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. 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 its 143,400 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 sale result and volume of enquiry during the sale campaign was extremely strong. We received 13 expressions of interest and the highly competitive second round process highlighted the depth of demand for quality Sydney metropolitan retail assets.”For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.