AMP Capital confirmed as $250m Gasworks Plaza buyer

Brisbane’s Gasworks Plaza. Picture: gasworksplaza.com.au

AMP Capital’s flagship property vehicle for retail investors has emerged as the buyer of a Brisbane property worth close to $250 million as it has also completed a deal worth more than $150 million in Sydney. 

The group’s Wholesale Australian Property Fund will hold the Gasworks Plaza complex in Newstead, Brisbane, after picking it up from listed retirement specialist Aveo Group.

The $248.4 million purchase was struck in December and the AMP fund has now been confirmed as the purchaser.

Commercial Insights: Subscribe to receive the latest news and updates

The sale of Gasworks Plaza, incorporating Gasworks 1, 2 and 3, was handled by McVay Real Estate, and AMP Capital saw off interest from Charter Hall Group and Mirvac Group.

Gasworks 1 and 2 is a modern mixed-use development that includes a neighbourhood shopping centre of about 8740sq m, anchored by a Woolworths supermarket with 31 specialty tenants, along with 8994sqm of office space across two buildings and a car park with 426 spaces.

The completion of Gasworks 3, which is under construction, will add a further 1100sq m of retail space and 81 car park spaces.

In Sydney, the AMP fund has followed its purchase of Building 1 in the Connect Corporate Centre in Mascot from the Goodman Group with the purchase of Building 2.

Michael Andrews and Scott Gray-Spencer of CBRE brokered the deals, which are worth more than $150 million in total, but were uncontactable. The disposal is part of Goodman’s broader campaign to sell off assets as it looks to lower gearing.

The latest property sits adjacent to Building 1 and comprises a recently completed tower with ground floor retail, parking across three levels and office space on levels 7-11.

All up it has a net lettable area of about 11,390sqm and there are 305 car spaces. Connect Corporate Centre will eventually comprise three office buildings and a Pullman hotel.

This article originally appeared on www.theaustralian.com.au/property.