AMP Capital today marked the completion of Karrinyup Shopping Centre, following an $800 million, three-year redevelopment with an official opening event attended by the Hon Mark McGowan, Premier of Western Australia. The redevelopment of Karringyup Shopping Centre, which is managed by AMP Capital on behalf of owners UniSuper, was undertaken with construction partner Multiplex.
Now complete, the new Karrinyup Shopping Centre has almost doubled in size, expanding from 59,874 to 109,000 square metres and is home to 290 retail stores as well as a new outdoor entertainment and dining precinct, The West Deck.
In addition to the shopping centre development, a $100 million residential development is well under way on the eastern side with more than 80% of the 94 apartments already pre-sold. Approval has also just been granted for the western side residential development, which consists of three buildings to be built in two stages, including a total of 270 new homes as well as some commercial tenancies.
Kylie O’Connor, AMP Capital Global Head of Real Estate said “The Karrinyup redevelopment is a perfect example of AMP Capital embracing the future of retail and mixed-use development, while continuing to deliver sustainable returns for investors.”
“Our vision for this project has always been to create an integrated development which embraces a live, work, play approach and in a first for Perth, Karrinyup Shopping Centre now offers access to a genuine mixed-use precinct for all to enjoy.”
“The successful completion of the development at Karrinyup Shopping Centre underscores our track-record and expertise in real estate development and funds management.”
Karrinyup has been Perth’s largest commercial construction project since development began in November 2018 and has helped boost the Western Australian economy. The project has directly supported about 2,500 new jobs during the construction phase and it is expected to generate a further 2,500 new jobs in retail, support and management now that it is completed. The owner of Karrinyup Shopping Centre, UniSuper, has been a long-term investor in Western Australia and welcomes the delivery of one of Perth’s leading fashion and lifestyle destinations.
Kent Robbins, UniSuper Head of Property and Infrastructure commented: “The completion of Karrinyup Shopping Centre is a proud moment shared with our project partners AMP Capital and Multiplex.
“This redevelopment addresses the community’s expectations to provide not just best in class retailers, but also a diverse range of entertainment, dining, wellness and service offerings.
“We look forward to the ongoing partnership with our retailers, local management and the broader Perth community, including UniSuper’s Perth based members.”
Multiplex Regional Managing Director Chris Palandri said “Having built the original Karrinyup Shopping Centre in 1972 and completed an extensive refurbishment in 1996, we are delighted to have worked with AMP Capital over the last five years to once again make our mark and deliver this landmark retail destination for West Australians”.
“Throughout construction we successfully worked in a live environment, with an objective to minimise the disruption to shoppers as far as possible while ensuring safety remained our number one priority. This project is another outstanding example of Multiplex on time delivery and is a credit to our staff, subcontractors and the AMP Capital team that brought it all together.”
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About the development:
Managed by AMP Capital on behalf of UniSuper, the $800 million development of Karrinyup Shopping Centre commenced in late 2018. Once complete, the new-look Karrinyup will be one of Perth’s leading fashion and lifestyle destinations.
• Construction commenced in November 2018, with the centre set to be complete by the end of 2021
• The centre will almost double in size, expanding from 59,874 square metres to 109,000 square metres
• Approximately 290 stores, including Zara, Sephora, H&M and UNIQLO, high-quality fashion retailers and an exciting food and beverage offering
• The West Deck
• Opening of the West Deck marking final stage in the shopping centre development.
• Large piazza, corso and main street
• Leisure, lifestyle and entertainment which will include a state-of-the-art 10 screen HOYTS cinema
• Inviting external landscaped community space which will include a kids’ play area, trees and relaxing, green, open spaces
• A new Fresh Market precinct with new Coles and ALDI joining the existing Woolworths
• High-end residential apartments will be included in the overall redevelopment
• 4,660 parking spaces
• The development is expected to boost the Western Australian economy and retail sector, with the creation of approx. 2,500 jobs during construction and 2,500 new retail, support and management jobs
• Multiplex is the builder for the development
About AMP Capital Real Estate
AMP Capital is one of the largest direct real estate fund managers in the Asia-Pacific1 with more than $23 billion2 in assets under management on behalf of institutional and retail investors across the globe. We are also one of the most experienced, with our heritage in real estate investment, management and development spanning over 60 years and many investment cycles, starting with Australia's first skyscraper which opened in 1962. AMP Capital's extensive global network and integrated management model allows its multidisciplinary team of real estate professionals to realise true value for clients through the investment management, property management and development of a portfolio of some of the most iconic shopping centres, office buildings and industrial estates across Australia and New Zealand. AMP Capital Real Estate has recently been recognised as a leader in sustainability with a number of our real estate funds being awarded five-star ratings with global ESG benchmark for Real Assets – GRESB, which places them in the top 20% of funds globally.
1Source: ANREV/INREV/NCREIF Fund Manager Survey 2021
2As at 30 June 2021. This includes AMP Capital’s 24.9 per cent share of PCCP’s NAV, equivalent to A$1.8b
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