AMP Capital is pleased to announce the commencement of the $800 million development of Karrinyup Shopping Centre, with works commencing Monday 19th November 2018 and an estimated completion time of three years.
This significant development, which AMP Capital is managing on behalf of owner UniSuper, will see the centre almost double, growing from 59,874 sqm to 109,000sqm, and incorporating additional supermarkets, large-format international retailers, an alfresco dining precinct and a state-of-the-art 10 screen Hoyts cinema.
In addition, the development will incorporate 94 high-end residential apartments on the eastern side of the development.
AMP Capital’s Global Head of Real Estate Carmel Hourigan said the development is a great opportunity for AMP Capital to demonstrate its ability to incorporate the next generation of retail experiences to position this longstanding shopping centre destination for the future, while delivering sustainable investment outcomes for UniSuper.
“As long-term investors in Western Australia, today marks a significant day for AMP Capital and our valued client, UniSuper and its members who are the ultimate recipients of the compelling investment returns that this development aims to deliver,” Ms Hourigan said.
As investors in Karrinyup Shopping Centre for more than 20 years, the investment in the development of Karrinyup by UniSuper represents a continued commitment to ensuring the centre continues to play a key role in the community.
Kent Robbins, UniSuper’s Head of Property & Infrastructure, said: “UniSuper is excited to commence construction on the development of Karrinyup to meet the needs of our customers and the community. In partnership with AMP Capital, we will deliver new dining, entertainment and retail formats consistent with the fast-moving evolution of the retail market globally, while retaining a distinctive Karrinyup style. This significant further investment into Karrinyup by our national membership base is expected to enhance and protect the sustainable returns from this quality investment into the future.”
Already much-loved and highly successful, Karrinyup has a loyal shopping community who are ready to see their centre evolve. The vision for the development is to respond to the feedback and insights of our customers and the community by delivering a landmark destination with the highest-quality retail and lifestyle offering that merges both the physical and digital world to create a more customised and seamless shopping experience.
“Our vision is to create a place that’s uniquely Perth and applies what we know about retail trends of the future and the expectations of our customers. However, what really makes this development special is the connections we build and the lasting impact we can make in the community, particularly by creating long-term employment opportunities,” Ms Hourigan continued.
AMP Capital expects the project to generate approximately 2,500 jobs during construction and subsequently a further 2,500 retail, support and management jobs, providing long-term employment opportunities.
AMP Capital looks forward to partnering with Western Australia’s largest and most respected construction companies, Multiplex who has been appointed as the builder for the development and will work closely with leading architects Taylor Robinson Chaney Broderick and Hames Sharley on the design of the project. The centre will remain trading throughout the development program with works being carefully scheduled to minimise disruption.