The 14.3 hectare prime infill Sydney land holding is an opportunity of unprecedented scale, optionality and dominance
A 100% interest in Crossroads is being offered to market, providing investors the opportunity to acquire the 143,520 sqm freehold Sydney metropolitan land holding over four separate titles.
Crossroads Centre at Casula, in south west Sydney, boasts a market-leading total centre GLA (Gross Lettable Area) of 52,138sqm – being part of an elite collective of only five other LFR (Large Format Retail) centres in Australia under a single ownership with a GLA exceeding 50,000 sqm.
Stonebridge’s Philip Gartland, Carl Molony and Jonathan Fox alongside JLL’s Retail Investments Team – (Australia) Sam Hatcher and Nick Willis have been exclusively appointed to sell Crossroads on behalf of AsheMorgan via an International Expressions-Of-Interest campaign.
The centre has a fully leased tenancy profile with a collective of 38 tenants comprising top brands nationally and globally, including Bunnings Warehouse, Freedom, Fantastic Furniture, Planet Fitness, Nick Scali and Officeworks. Crossroads has co-locational tenancies such as Costco Wholesale, Crossroads Hotel (which recently sold for $160 million) and industrial uses including Electrolux, Cosentino, WesTrac, Hunter Transportation and Versiclad.
Crossroads offers a number of immediate development opportunities and long-term prospects, with B5 Zoning providing an array of additional permitted uses (STCA) including light industries, warehouse and distribution, storage premises, office premises, hotel and motel accommodation and medical centres.
Mr Molony said, “Retail and industrial property are becoming increasingly interlinked with demand for high quality, strategically linked land holdings that can accommodate this growing trend continuing to rise.”
Mr Gartland said, “The scarcity of such an offering coupled with the strength and versatility of the underlying property fundamentals will appeal to a variety of buyer groups which is rarely available in the market.”
The centre was built in 2000 and has recently undergone its latest redevelopment, a $3 million food & beverage precinct significantly enhancing the asset’s amenity and offering.
Large format retail performed exceptionally well in 2020 and 2021. Yields compressed by 105 bps since the end of 2019 (to 4Q21), with some recent transactions reflecting yields below 5% for the first time on record.
Situated in Sydney’s burgeoning southwest growth corridor, Crossroads is primed to capitalise on the strong forecast population growth within the catchment averaging 1.4% per annum. This growth is being supercharged by the completion of the $1.5 billion Ed Square infill development and the proposed Glenfield Place Master Plan – delivering over 8,000 combined dwellings within 2 km of the Centre over the next 20 years.
Further, the new $11 billion Western Sydney Airport and Aerotropolis is expected to deliver 200,000 jobs during construction and boost the population of this outer western portion of Sydney to 500,000 residents over the next 20-years.
Expressions of Interest for Crossroads closes on Thursday 9th June 2022 at 2:00pm (AEST).
For further information, please contact:
Philip Gartland | +61 403 582 324 | pgartland@stonebridge.com.au
Carl Molony | +61 439 032 028 | cmolony@stonebridge.com.au
