AMP sells Crossroads for $140M
AMP Capital's Diversified Property Fund has agreed to sell the Crossroads homemaker centre to Ashe Morgan for $140M. The deal reflects a fully leased yield of more than 7 per cent with a passing yield of about 6.75 per cent.
The 14.35ha site is situated in the Sydney metropolitan suburb of Casula within the southwestern growth corridor of Sydney. The Centre has good access off the M4 and M7 motorways. The trade area of the Centre currently contains approx 1 million people and with the significant infrastructure investment in the region, it is expected that strong population growth will continue.
The 48,400-square-metre large-format retail centre is home to 28 retailers, including anchor tenants Bunnings, The Good Guys, Freedom, Nick Scali and Fantastic Furniture. A Costco wholesale supermarket is located adjacent to the asset.