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AMP Capital has announced that supermarkets Coles and ALDI will be part of the new-look Karrinyup Shopping Centre.
The $800 million development which AMP Capital is managing on behalf of owner UniSuper, commenced in November last year and will see the centre almost double in size, growing from 59,874 square metres to 109,000 square metres.
In addition to the two new supermarkets and existing Woolworths, the development will also incorporate large-format international retailers, an alfresco dining precinct and a state-of-the-art 10 screen HOYTS cinema.
Both Coles and ALDI will be located in the new fresh food precinct, which will be a bustling marketplace with rustic food displays and timber accents. Woolworths will anchor the east side of the precinct and will undergo a refurbishment as part of the development.
AMP Capital’s Divisional Development Manager – WA, Scott Nugent said that the fresh food precinct will provide customers with greater variety.
“The new fresh food precinct will offer customers a diverse foodie experience, with supermarkets, local growers and special events. With abundant natural light and a village-style atmosphere, the precinct will be our customers’ go-to for fresh produce and healthy food options.
“Attracting Coles and ALDI, along with other exciting retailers and specialty stores, shows that there’s great interest and growth in the area. The completed centre will offer customers a more vibrant and convenient shopping experience,” said Mr Nugent.
Coles State General Manager Pat Zanetti said Coles is delighted to bring a new state-of-the-art supermarket which will create more local jobs and an enhanced shopping experience for Karrinyup residents.
Karrinyup is a booming community and we know there’s demand for a new and convenient shopping destination. That’s why we’re excited to bring a full-line Coles supermarket which spans over 4,000 square metres and will provide local residents with more choice and great value with an in-store bakery, a gourmet deli with an olive bar and cheese wall, an open-style meat counter and large market-style fresh produce area.
ALDI is also looking forward to being part of the expanded fresh food offering at the new Karrinyup.
“ALDI Australia is proud to call ourselves ‘Good Different’. Since opening our first stores in Western Australia in 2016, we have grown to operate 41 stores and have further plans for expansion, including the opening of ALDI Karrinyup,” said Caroline MacPhail, ALDI Managing Director of Western Australia.
“We look forward to offering shoppers at Karrinyup Shopping Centre a supermarket experience that is like no other in Australia. Once open, local residents will enjoy high-quality products at permanently low prices and increased employment opportunities,” she said.
Set to become a vital hub for customers, the fresh food precinct will remain bustling as the centre transitions from day to night, seamlessly connecting with outdoor dining and entertainment options.
Coles and ALDI are both expected to open mid-2021, with the entire development of Karrinyup Shopping Centre on target to be complete at the end of 2021. Upon completion, the centre will offer approximately 290 specialty stores.
About the development
- Construction commenced in November 2018, with the centre set to be complete in three years
- The centre will almost double in size, expanding from 59,874 square metres to 109,000 square metres
- The development is estimated to cost $800 million
- Approximately 290 stores, including large-format international retailers, 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 spaces
- A new Fresh Market precinct with new Coles and ALDI joining the existing Woolworths
- 134 high-end residential apartments will be included in the overall redevelopment
- 4,500 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 has been appointed to build the new centre.
About AMP Capital Real Estate
AMP Capital is one of the largest direct real estate fund managers in the Asia-Pacific1 with more than $28 billion2 in assets under management on behalf of global investors. We are also one of the most experienced, with our heritage in real estate investment, development and management spanning over 50 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 600-strong 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.
1. Source: ANREV/INREV/NCREIF Fund Manager Survey 2018
2. As at 31 December 2018. This includes AMP Capital’s 24.9 percent share of PCCP’s NAV, equivalent to A$1.5b as at 30 Sep 2018
UniSuper is the super fund dedicated to people working in Australia's higher education and research sector. With over 400,000 members and $70+ billion in net funds under management, it’s one of Australia's largest super funds.