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AMP Capital has lodged a development application with the City of Melville for the $750 million redevelopment and expansion of Perth’s iconic Garden City Shopping Centre.
Garden City is owned by investors in the AMP Capital Diversified Property Fund (ADPF), a $4 billion portfolio of prime Australian office, industrial and shopping centre assets.
The new development is expected to include two full-line department stores, two new full-line supermarkets, large format international fast fashion retailers and flagship stores, an additional discount department store, a comprehensive main street casual dining and leisure precinct, a new cinema complex and a broad assortment of fresh food offerings.
AMP Capital Shopping Centres Managing Director Bryan Hynes said AMP Capital will create a truly exceptional shopping and leisure experience that will attract residents as well as tap into the visitor market.
“Garden City Shopping Centre is already the number one performing shopping centre in Western Australia and we want to ensure this iconic Perth destination remains the best in the state,” Mr Hynes said.
“This redevelopment, along with our plans for Karrinyup Shopping Centre, has been a long-term collaboration between AMP Capital, the state government and local councils. Both redevelopments are major investments representing a significant boost to the economy and show AMP Capital’s commitment to Western Australia. Across the two developments, we intend to invest more than $1.4 billion in the state, creating around 5,000 construction roles and more than 5,000 retail jobs upon completion.”
AMP Capital Diversified Property Fund Manager Kylie O’Connor said the proposed development is an exciting opportunity for customers, retailers and investors in ADPF.
“The Garden City trade area is forecast to grow from 480,000 to 555,000 by 2026 and our vision is to ensure the centre remains the premier retail destination in Perth,” Ms O’Connor said.
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) 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.