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AMP Capital is pleased to announce the commencement of Marrickville Metro Shopping Centre’s $142 million development. Construction has begun this month and is expected to take around two years to complete.
The development, which AMP Capital is managing on behalf of owner UniSuper, will extend the existing ‘Metro’ centre to the south between Smidmore and Edinburgh Roads, Marrickville, in Sydney’s Inner West.
Once completed, Marrickville Metro Shopping Centre will be expanded from 22,000 square metres to 33,000 square metres, and will host an additional 44 new retailers including Coles, as well as a fresh food precinct and indoor and al fresco dining options.
The development is designed to celebrate the food and art culture of Sydney’s Inner West and reflect the industrial heritage of the area. It will also enhance the existing retail, leisure, dining and fresh food offerings.
AMP Capital’s Global Head of Real Estate Carmel Hourigan said the development will support the significant growth and transformation occurring in Marrickville and the Inner West.
“We are excited to partner with our industry-leading client UniSuper, to deliver our shared vision of the future of retail through a sustainable development that reflects the Inner West’s vibrant community,” said Ms Hourigan.
There are a significant number of other construction projects for the local area currently underway or proposed, supported by total trade area population growth of 2.3 per cent per annum since 2011, and projected growth of 1.5 per cent per annum, to reach a population of 440,000 by 2021.
AMP Capital and UniSuper are both long-term investors in New South Wales, and the development of the Marrickville Metro centre demonstrates their continued commitment to the community. AMP Capital anticipates the project will generate 200 construction jobs and over 600 job opportunities for the local community on completion.
UniSuper’s Head of Property & Infrastructure Kent Robbins said: “UniSuper is delighted to begin the next stage of the Marrickville Metro development, which will not only expand the size of the Metro to meet the demands of the growing Inner West community, but also ensure it reflects the essence of the Inner West. We look forward to partnering with AMP Capital once again, as we work to create a retail space that is designed with a community focus; bringing public art and expression to the forefront and to create a destination that locals can be proud of.”
In true Inner West style, the development will ‘up-cycle’ a disused industrial warehouse located next to ‘The Metro’ and will maintain much of the existing warehouse façade, whilst extending south between Smidmore Street and Edinburgh Road.
The exciting development has been designed by Hames Sharley, a leading design practice with a focus on creating both socially and environmentally appropriate solutions. In addition, AMP Capital will be working with local artists and business owners to create a space that truly reflects the diversity of Sydney’s Inner West and those who call this area home.
ADCO Constructions has been appointed as construction partner for the development. The majority of the works will be undertaken outside the existing centre with minimal disruption to current tenants or trading.
Today’s announcement follows the commencement last year of the $800 million Karrinyup Shopping Centre development, which AMP Capital is also managing on behalf of owner UniSuper. The development will see Karrinyup Shopping Centre almost double, growing from 59,874 square metres to 109,000 square metres, and incorporating additional supermarkets, large-format international retailers, an alfresco dining precinct and a state-of-the-art 10 screen HOYTS cinema.
While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (AMP Capital) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without the express written consent of AMP Capital.