Real Estate

AMP Capital appoints development partner for high-end east residential apartments at Karrinyup Shopping Centre

By AMP Capital media team

Image: Karrinyup Apartments east residential development by Blackburne. Artistic impression only and is subject to change. Supplied: Blackburne

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AMP Capital has selected leading multi-residential developer Blackburne to develop 94 high-end residential apartments on the east side of Karrinyup Shopping Centre which is undergoing an $800 million development.

The east residences, which will comprise a range of 1, 2 and 3 bed apartments and penthouses, will be a fitting addition to the circa 109,000 square metres of premium retail, food and entertainment that Karrinyup Shopping Centre will offer on completion.

AMP Capital’s WA Divisional Development Manager Shopping Centres, Scott Nugent, said mixed-use development is a trend that is being embraced both locally and nationally.

By combining shopping, dining, entertainment and living, we’ll be creating a lively community hub where people can meet, relax, shop, dine or enjoy unique experiences close to their own home. Retailers will also benefit from having residents right on their doorstep, contributing to the vibrancy of the centre beyond 5pm.

“Blackburne has a proven track record when it comes to the quality of their product, ability to provide bespoke design and their numerous award-winning projects. We are looking forward to working with them to deliver high-quality apartments that will complement the new Karrinyup,” Mr Nugent said.

Located just 12 kilometres north of Perth, Karrinyup Shopping Centre is situated in a well-established area, which includes many of Perth’s most prestigious suburbs.

Blackburne Founder and Managing Director Paul Blackburne said the project presented a unique opportunity to create larger, higher-end residences in a premium location.

“Located on the east side of Karrinyup Shopping Centre, the elevated site provides incredible views over Lake Gwelup, surrounding parklands and the city skyline.

“By combining shopping, dining, entertainment and living, we’re presenting buyers with a level of convenience and connectivity that has not previously been seen before in Perth,” Mr Blackburne said.

Blackburne is planning to launch the east residential apartments for sale later in 2019, with construction set to commence towards the end of 2020 and practical completion targeted for mid-2022.

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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

About Blackburne

The Blackburne name has been synonymous with the Perth property industry for many years. Since the inception in 2003, Blackburne has had a passion for property. It’s at the heart of everything we do. The developments we create benefit from our property obsession, and so do our many clients. They know that from the ground up, every detail of their new apartment has been designed to deliver an exceptional lifestyle experience, all backed by a professional team delivering integrated property services, including: property management, strata management, investments, commercial and residential sales and mortgage broking.

We are the leaders in high-end luxury apartments in Perth. To date, Blackburne has designed, built and marketed over 1,000 apartments in and around Perth, including:

  • Aria - Swanbourne 
  • Oracle – Perth 
  • The Cove – Minim Cove 
  • Enclave – East Perth 
  • Azure – Rockingham 
  • Essence – Claremont 
  • Marina East – Ascot

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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