The prized Sydney metropolitan Crossroads Homemaker centre hits the market, located in Sydney’s south-west – it is the seventh largest of its kind in Australia.
Located on the corner of Beech Road and Camden Valley Way, Casula, approximately 35km from the Sydney CBD – the 48,400m2-plus large format retail centre is home to 28 retailers, including anchor tenants Bunnings, The Good Guys, Freedom, Nick Scali and Fantastic Furniture. It also benefits from proximity to one of Sydney’s two Costco wholesale supermarkets.
Owned by AMP Capital Diversified Property Fund (ADPF), the 143,400m2 site is expected to generate investment interest of more than $140 million.
CBRE’s Nick Willis, who has been appointed to market the asset along with Jonathan Fox from Stonebridge, said the centre was positioned for strong growth over the coming years.
“The centre’s catchment is an exception to the rest of the market; expected to increase by 55% over the next 18 years due to its position at the gateway to the south-west priority growth area,” Willis said.
Mr Fox commented: “These growth fundamentals, coupled with the improving household goods retail environment in NSW, underpin and will drive the continued success of the asset.”
The sale campaign comes amid recent research highlighting a 3.7% growth in household goods retailing in NSW in the 12 months to May 2018 – a jump from the 2% recorded in the corresponding period.
According to CBRE Research, this growth was predominately driven by furniture (6.0%) and hardware, building and garden supplies (5.0%), with electrical and electronic goods retailing recording more moderate growth of 1.0%.
Growth is being supported by strong population growth, residential construction levels and low interest rates.
The adjacent Crossroads Logistics Centre, also owned by ADPF, is not on the market and remains a flagship industrial asset, which AMP Capital continues to develop for industrial tenants on behalf of investors.
