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AMP Capital & Goodman trading places
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AMP Capital has traded places with Goodman in a series of deals. AMP Capital Wholesale Property Fund will acquire Stage 3 of Goodman's Corporate Centre in Mascot having acquired buildings 1 and 2 last year.
The Stage 3 building comprises 19,000sqm of commercial space together with 500 car spaces. The buildings tenants include Jaguar Land Rover and Lendlease.
AMP Capital said the South Sydney market had transformed over the past decade and rental growth had been driven by strong investment in infrastructure, competition for land with residential property developers and an upgrade in the quality of buildings.
At the same time, Mascot rents remain competitive against other Sydney suburban markets, which AMP Capital said bodes well for long-term rental growth.
The business park includes three commercial buildings and a separately owned Pullman Hotel — all have been built over the past two years.
In a separate deal, the same AMP Capitla Fund will partner with Goodman to develop two industrial estates in western Sydney. At Arndell Park, AMP Capital own a site in Holbeche Rd and will acquire a 50% interest in an adjoining parcel of land owned by Goodman and entering into a development relationship with Goodman to redevelop the combined site.
Similarly, Goodman will invest 50% into AMP Capital's Rosehill property to re-develop the site in Unwin Rd.
The commercial arrangements of each of the deals are still under wraps.
CBRE’s Michael Andrews and Scott Gray-Spencer brokered the deal.