Charter Hall’s CPIF Acquires Sydney Infill Site
June 15, 2021 – Charter Hall’s wholesale industrial and logistics fund, CPIF, has announced the acquisition of Auburn Redyard, an outlet style retail centre located at 98-100 Parramatta Road, Auburn NSW (Property) from the Reading Property Group (Vendor) for $90 million.
Given the 4.82 hectare landholding, its broad B6 Enterprise Corridor zoning and strategic location in central metropolitan Sydney, Auburn Redyard provides CPIF with the opportunity to secure an income generating land holding with medium term redevelopment potential.
The high profile land holding is located in the tightly held, land constrained in-fill location of Auburn, approximately 18 kilometres west of the Sydney CBD and 6 kilometres east of the Parramatta CBD. The site has 450 metres frontage to Parramatta Road, with secondary frontages to both Percy and Nyrang Streets, and provides excellent access to the Sydney orbital network with the on/off ramps to the M4 Motorway within 350 metres of the site.
The centre incorporates a 10-screen Reading Cinemas complex with TITAN LUXE, an outlet style retail centre plus two fast food pad sites and a Telstra exchange. The property has a gross lettable area of 13,761sqm and provides parking for 727 vehicles.
CPIF’s Fund Manager, Richard Mason, said “This acquisition replenishes CPIF’s development inventory and provides the potential to grow our Sydney portfolio. The site represents one of the few opportunities of scale in the tightly held Inner West Sydney market, where demand is elevated, vacancy rates are at historical lows and prospects for rental growth are considered strong due to the land constrained nature of the precinct.
“The property provides an excellent opportunity for CPIF to acquire a high profile, core infill land holding close to the geographic centre of Sydney with easy access to large consumer markets making this site ideally suited for last mile occupiers. The completion of the M4/M5 Link Tunnels in 2023 as the last stage of the WestConnex project will further enhance the attractive location characteristics of the site and significantly reduce travel times to Port Botany and the Airport” said Mr Mason.
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