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AMP Capital has announced the signing of WesTrac, one of Caterpillar’s largest authorised dealers, on a long-term lease at Crossroads Logistics Centre, located at Casula in Sydney’s south west.
The signing of WesTrac means that AMP Capital will now commence the next stage of its $130 million development with the construction of a purpose-built facility for WesTrac, which will occupy nearly 24,000 square meters of the centre.
AMP Capital’s Managing Director of Office & Industrial, Luke Briscoe, said attracting quality customers such as WesTrac reinforces the development’s appeal and the strength of the current industrial leasing market in Sydney.
According to Mr Briscoe: “We are excited to commence the next stage of development with WesTrac, which reaffirms our strong focus on the industrial and logistics space and demonstrates AMP Capital’s ability to partner with large national businesses to deliver a quality product, in a prime south-west Sydney location that fits their purpose.”
The signing of WesTrac alongside Cosentino, an architectural design finishes company, which committed to 12,500 square metres last year, further enhances the appeal of Crossroads for customers who are increasingly drawn to the infrastructure and surrounding amenities.
Mr Briscoe said it was the strategic location of the centre at the cross roads of the M5 and M7 and the purpose-built facilities that were the major drivers behind WesTrac’s decision to commit to the development.
“Whilst access to arterial road and transport infrastructure remain key drivers for traditional industrial customers, proximity to retail and lifestyle amenities are factors equally as important to decision makers who are looking to attract and retain their workforce,” said Mr Briscoe.
Crossroads Logistics Centre is owned by investors in the AMP Capital Diversified Property Fund (ADPF) and once complete will accommodate approximately 80,000 square metres of high-quality warehouse and office space across three separate precincts.
AMP Capital Diversified Property Fund Manager Kylie O’Connor said: “The Crossroads development is consistent with the fund’s investment strategy to maximise fund performance through the development of its existing assets.
“In keeping with this strategy, the capital raised from the recent sale of the Chullora site to Abacus Property Group for $35 million will now be redeployed to develop the Crossroads Logistics Centre, which is considered core industrial and is located in the growth corridor in Western Sydney.”
Once complete, Crossroads Logistics Centre will become the cornerstone of ADPF’s industrial and logistics portfolio and one of the key drivers in delivering superior investment returns for investors.