Cosentino deal to underpin AMP’s Crossroads Logistics Centre
AMP Capital is set to launch the first stage of its $130 million development at Crossroads Logistics Centre in Sydney’s south west, after signing Cosentino Australia on as a partner.
The industrial hub, which will feature around 79,000sqm of warehouse and office space in three precincts at Casula, 35km from Sydney’s CBD.
Cosentino Australia is the local arm of global architecture and design surface producer Cosentino Group, and will underpin the new centre with a commitment to a 12,500sqm facility to house their Australian distribution centre and showroom.
The Cosentino building is expected to be completed in the first quarter of 2017.
We continue to see strong interest in the Western Sydney market, driven by an outperforming New South Wales economy
AMP Capital Diversified Property Fund manager Kylie O’Connor says the logistics centre will become a key plank in its industrial property offerings.
“Once complete, Crossroads Logistics Centre will become the cornerstone of our industrial and logistics portfolio,” she says.
“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.”
AMP Capital has development approval for the first of the three Crossroads precincts, while applications have been lodged for the remaining two.
Crossroads Logistics Centre sits alongside the M5 Motorway, in close proximity to the M5/M7 interchange.
Once complete, Crossroads Logistics Centre will become the cornerstone of our industrial and logistics portfolio
AMP Capital managing director, office and industrial, Luke Briscoe says the Cosentino deal would bolster the development’s appeal.
“We welcome Cosentino as a major customer in our portfolio. Crossroads is an exciting development for AMP Capital, our investors and future tenant customers”, he says.
“We continue to see strong interest in the Western Sydney market, driven by an outperforming New South Wales economy, the migration of logistics businesses from the South Sydney market to the west and the surrounding significant investment in infrastructure.”