Crossroads Homemaker Super Centre
Casula, NSW
Acquired for 140 million (AUD) dollars in January 2019, the centre is held over four titles on Parkers Farm Place and Beech Road and offers an existing NLA of 47,997 sqm on 143,997 sqm land over four separate lots.
93% of the property income is underpinned by national retailers including Bunnings Warehouse, Freedom, Fantastic Furniture, the Good Guys and Nick Scali.
The property is located at the junction of the M5 and M7 Motorways and within 15 minutes’ drive of the proposed Western Sydney Airport. The area has seen significant infrastructure investment in recent years and is set to experience strong forecast population growth. Three hundred thousand new residents are forecast to move into the area in the next 30 years.
The asset was purchased with the benefit of a circa 3.3-year WALE and a stable occupancy rate of 93%.
Located on the intersection of three major arterial roads which serves up to 168,000 vehicle movements per day, the asset has accessibility to a catchment of over 1 million people within a 30-minute drive. The property has 1500 on-site car spaces and co-location with international retail warehouse Costco, providing foundational elements for an active trade and highly visited area.
Asset type: Core Plus
Investment type: Equity co-investment
Return: c. 26% IRR
Status: Complete
Warning:
Returns are not guaranteed. Past performance is not a reliable indicator of future performance.
Forecasts are based on assumptions and estimates. Actual performance could differ materially and therefore it is not appropriate to rely on forecasts or assume that they will always be accurate.