LaSalle Investment Management has bought the Crossroads Homemaker Centre in Sydney’s southwest for $282 million, marking the second largest large format retail deal in Australia.
The 47,997 sqm retail property sat on a 14.3-hectare site in the Sydney metropolitan suburb of Casula. AsheMorgan sold the asset on a 4.62% yield.
The fully leased centre comprised 38 tenants including Bunnings Warehouse, Freedom, Fantastic Furniture, Planet Fitness, Nick Scali and Officeworks.
Crossroads also had co-locational tenancies such as Costco Wholesale, Crossroads Hotel and industrial uses.
The centre benefited from over one million people living within a 30-minute drive time.
Stonebridge Property Group and JLL marketed the asset via an International Expressions of Interest campaign.
“Crossroad’s brilliant strategic position, in the strong southwestern growth corridor and at the intersection of the M7, M5 and Hume Highway means there is significant further rental growth and asset intensification to unlock,” Stonebridge’s Philip Gartland said.
The deal comes after a high-net-worth investor bought the Homeworld Helensvale large format retail centre on the Gold Coast for $265 million in August.
The retail centre comprised more than 36,000 sqm of lettable area on a 20.3-hectare site, with a mix of large format and convenience retail, health, medical, dining, lifestyle and daily needs tenants.
Other retail deals include Singapore-based Sim Lian – Metro Capital’s acquisition of the Shepparton Marketplace property in regional Victoria for $88.1 million in October, reflecting a 6.25% capitalisation rate.
The existing 16,535 sqm centre was the dominant sub-regional centre serving Shepparton – regional Victoria’s fifth largest city – and was anchored by Woolworths and Big W stores on leases until 2030 with further options.