Charter Hall’s leading $7.5 billion wholesale industrial and logistics fund, CPIF, has acquired a Sydney outlet style retail centre for $90 million from the Reading Property Group.
Auburn Redyard is strategically located in central metropolitan Sydney with a 4.82 hectare landholding.
Six kilometres from Parramatta CBD, the site has 450 metres of frontage to Parramatta Road, and provides easy access to the Sydney orbital network with on and off ramps to the M4 Motorway within 350 metres of the facility.
A 10-screen Reading Cinemas complex, two fast food pad sites and a Telstra exchange are all incorporated into the centre.
The property has a gross lettable area of 13,761 sqm and has room for 727 car spaces.
Richard Mason, CPIF Fund Manager, says the site is one of the few opportunities of scale in the tightly held Inner Western Sydney market.
“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,” he says.
CPIF says it has the funding capacity to grow its property portfolio to over $10 billion.
Their investors include Australian superannuation funds, global pension funds and insurance companies.