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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    Lara Evans
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    Lara.Evans@ampcapital.com

Important notes

This article has been prepared to provide general information and does not constitute 'financial advice' for the purposes of the Financial Advisors Act 2008 (Act). An individual investor should, before making any investment decisions, consider the information available in the relevant Product Disclosure Statement and seek professional advice. While every care has been taken in the preparation of this document, AMP Capital Investors (New Zealand) Limited and the AMP Group (together, 'AMP') make no guarantee that the information supplied is accurate, complete or timely and do not make any warranties or representations in respect of results gained from its use. The information is not intended to infer that current or past returns are indicative of future returns. The views expressed are those of the author and do not necessarily reflect those of AMP. These views are subject to change depending on market conditions and other factors.

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