AMP Capital announces major industrial development in Western Sydney
AMP Capital will commence the first stage of a $130 million development at Crossroads Logistics Centre in Sydney’s south west.
This follows Cosentino Australia choosing to partner with AMP Capital at the new industrial hub.
The development is located at Casula, next to AMP Capital's Crossroads Homemaker Centre as well as Costco.
Crossroads Logistics Centre offers industrial tenants purpose-built facilities to suit their specific needs.
It is owned by investors in the AMP Capital Diversified Property Fund (ADPF) and once complete will accommodate approximately 79,000 sqm of high quality warehouse and office space across three separate precincts.
Prime Constructions, an experienced and highly regarded industrial builder, has been appointed as construction partner.
The Cosentino building is targeted for completion in the first quarter of 2017.
Cosentino Australia is wholly owned by the Cosentino Group, a global family-owned company headquartered in Spain that produces and distributes high-value innovative surfaces for architecture and design.
It has committed to a 12,500 sqm facility to house their Australian distribution centre and showroom.
AMP Capital Managing Director Office and Industrial Luke Briscoe said securing a quality tenant such as Cosentino reinforces the appeal of the development, including the strategic location at the cross roads of the M5 and M7, as well as the tailored design of the facility to meet their business needs.
“We welcome Cosentino as a major customer in our portfolio.
"Crossroads is an exciting development for AMP Capital, our investors and future tenant customers”, Mr Briscoe said.
AMP Capital Diversified Property Fund Manager Kylie O’Connor said this development was consistent with the fund’s investment strategy to maximise fund performance through the development of its existing assets.
“I am very pleased to announce the commencement of this important industrial development which will improve the quality of our portfolio,” she said.
“Once complete, Crossroads Logistics Centre will become the cornerstone of our industrial and logistics portfolio as we look to deliver superior investment returns for our clients.
“The development of Crossroads Logistics Centre follows the fund’s recent acquisition of a $250 million prime Sydney industrial portfolio, continuing our deliberate strategy to increase exposure to the industrial sector.”