AMP Capital is on track to deliver close to $1 billion of retail development on behalf of UniSuper, with today’s successful completion of the $142 million Marrickville Metro development alongside Perth’s Karrinyup Shopping Centre due to open its first phase in July. These developments reaffirm AMP Capital’s commitment to retail and to delivering investment opportunities to our clients in this evolving asset class. These developments also demonstrate the important role retail centres play in their local communities.
AMP Capital’s Head of Real Estate, Kylie O’Connor, said: “We are proud to have delivered the Marrickville Metro development in partnership with valued client UniSuper, bringing our shared vision of the changing nature of retail to life. To have delivered this development in line with the original vision, tenancy mix and public amenity elements despite the COVID-19 pandemic is nothing short of amazing and we are very proud of what the team has achieved.”
The finalisation of the project represents a substantial milestone in UniSuper’s long-term strategic investment in Marrickville Metro, and delivers a centre that now truly caters to the diversity of the local market.
UniSuper’s Head of Property & Infrastructure Kent Robbins said: “We are delighted with the result and congratulate the entire AMP Capital development team and their design and construction partners for delivering a destination that locals can be proud of, particularly amidst such a difficult environment for everyone. The inclusion of sustainable design principles, such as the rooftop solar panels, is another example of the significant steps we are taking towards becoming net zero carbon. We look forward to seeing the expanded Metro continue to meet the needs of the growing Inner West community for many years to come.”
According to Ms O’Connor, “Retail has gone through its fair share of structural changes over the years and we have always been ready and able to shift our approach to managing and developing retail to suit the changing needs of each centre’s local customers and communities. While 2020 was extremely challenging, we continue to have conviction in the sector, and are applying a fresh approach built on our tried and tested retail principles for these two developments - something we’ve done successfully many times regardless of market conditions over the last 50 plus years.”
The sustainably-designed development repurposed an underutilised industrial warehouse located across the road from the existing centre, maintaining much of the existing warehouse façade. The site now hosts more than 40 new retailers including Coles, as well as a fresh food precinct and indoor and al fresco dining options. In partnership with Inner West Council, some 30 plus art installations feature around the new site, with bespoke artworks from renowned artists.
UniSuper has also committed further capital investment for a refurbishment of the centre’s food court, travelator and lobbies as well as the planned expansion of Aldi, among other improvements in the existing centre.
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About Marrickville Metro Shopping Centre
Marrickville Metro Shopping Centre is a successful regional shopping centre located in Sydney’s affluent, desirable, and growing Inner West. It is managed by AMP Capital on behalf of owner UniSuper.
- The Smidmore Street development site, which forms part of the completed centre, is located at 20 Smidmore Street, Marrickville
- The total development cost for the project was $142 million
- The development has added an additional 11,000sqm of retail floorspace, making the total finished project 33,000sqm
- Coles makes up 3,942sqm of the additional 11,000sqm
- The development includes:
- Full-service Coles supermarket, to complement existing Woolworths and Aldi
- A dedicated fresh food precinct
- Indoor and al fresco dining with cafes and restaurants
- A total of 44 new retail stores
- A pedestrian bridge and a street level ‘pedestrian only’ walkway connecting the new and existing development space, as well as a ‘pedestrian safe zone’ with wheelchair access
- 455 additional parking spaces, taking the total car spaces to 1,473 on completion
- 600 new jobs to the Inner West area
- Hames Sharley were the project architects
- ADCO Constructions were engaged as the project builder
About Karrinyup Shopping Centre
Managed by AMP Capital on behalf of UniSuper, the $800 million development of Karrinyup Shopping Centre commenced in late 2018 and will see the centre almost double in size, growing from 59,874 square metres to 109,000 square metres. Once complete, the new-look Karrinyup will be one of Perth’s leading fashion and lifestyle destinations. Its phase one opening, which will take place in late July, will see more than 60 stores welcomed to The Fresh Market and The Loop, ground level.
- Approximately 290 stores, including Zara, Sephora, H&M and UNIQLO, high-quality fashion retailers and an exciting food and beverage offering
- 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 space
- 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
AMP Capital is one of the largest and most experienced direct real estate fund managers in the Asia Pacific, with more than $28 billion in funds under management as at 31 December 2020. AMP Capital offers institutional and private investors access to real estate equity and debt opportunities globally through a range of wholesale funds and separately managed solutions.
UniSuper is one of Australia’s largest superannuation funds, and is run solely for the benefit of its members. For more than 35 years, UniSuper has been managing super for people employed in the higher education and research sector. UniSuper currently invests around $95 billion on behalf of more than 450,000 members.
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