AMP Capital Diversified Property Fund has sold Crossroads Homemaker Centre to AsheMorgan for $140 million, highlighting continued demand for Sydney metropolitan retail assets after the asset went on the market last year.

Located on the corner of Beech Road and Camden Valley Way, Casula – approximately 35km from the Sydney CBD – the 48,400m2-plus centre is home to 28 large format retailers, including anchor tenants Bunnings, The Good Guys, Freedom, Nick Scali and Fantastic Furniture. It also benefits from neighbouring proximity to one of Sydney’s two Costco wholesale supermarkets.

AMP Capital developed the centre after acquiring the 143,400m2 site in 2002.

Jonathan Fox of Stonebridge said “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.”

Nick Willis of CBRE commented “Despite forecast headwinds in the retail sector we are continuing to see an uplift in enquiry and bidder interest in our campaigns 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 South West growth corridor and significant 143,400 sqm underlying land over four separate lots provides flexibility to adapt the asset to meet the needs of the rapidly changing surrounds.” he continued

Stonebridge Property Group and CBRE co-marketed the property on behalf of AMP Capital.