Real Estate

Garden City Shopping Centre redevelopment given green light

By AMP Capital media team

The Development Application for the redevelopment and expansion of Garden City Shopping Centre has been approved by the Metropolitan Central Joint Development Assessment Panel.

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 expanded and refurbished department stores, two new fullline 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 Diversified Property Fund Manager Kylie O’Connor said the proposed development is an exciting opportunity for customers, retailers and investors in ADPF.

“We are pleased with development approval for Garden City, which is an important next step in the development process and ensures the centre remains the premier retail destination in Perth.

“This evolution of the centre will include additional retail, food and entertainment and will ensure we attract the very best in international and Australian retailers, providing shoppers with the highest quality retail offer,” Ms O’Connor said.

“AMP Capital saw an opportunity to grow and expand the centre to meet significant projected growth in Garden City’s trade area as we aim to provide investors with consistent outperformance on their investment.

“This investment will provide a significant boost to the economy, creating around 2,500 construction roles and more than 2,500 retail jobs upon completion.

The development of Garden City will increase the size of the centre from 72,000 square metres to approximately 120,000 square metres. The approval marks an important milestone for the project and depending on other investor and planning approvals, construction is expected to commence in 2017.”

One of the largest, unlisted property funds in the country, ADPF has total assets of approximately $4 billion and currently comprises 18 high quality assets across the Australian office, retail and industrial property sectors, as well as units in the AMP Capital Shopping Centre Fund and AMP Capital Wholesale Office Fund.

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Important notes

While every care has been taken in the preparation of this article, AMP Capital Investors (UK) Limited, Registered Office at Companies House, 4th Floor Berkeley Square House, Berkeley Square, London W1J 6BX (no. 05524536) 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.

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