Macquarie Centre in Sydney’s north-west will be transformed from a regional to a super regional shopping centre with a major $390 million redevelopment to create one of Sydney’s premier fashion destinations.
The world class redevelopment at Macquarie Centre will make it Australia’s sixth largest shopping centre and Sydney’s second largest, with the trade area projected to grow 50 per cent over the next decade from $4.2 billion to $6.2 billion by 2021.
The project will include a new full line David Jones linked to Myer by a new two level fashion gallery, two supermarkets including a new full line Coles and fresh food marketplace, premier dining and cafe precinct, an additional 1,500 car spaces and an additional 133 new tenancies adding 36,800 square metres of gross lettable area to the existing shopping centre.
AMP Capital Shopping Centres Managing Director Bryan Hynes said AMP Capital is repositioning the centre to be the fashion destination of Sydney’s north shore.
“With the introduction of David Jones, 133 new specialty shops and major international brands, Macquarie Centre will be a hub for fashion. We are building the premier shopping destination of the north-west,” Mr Hynes said.
The centre, located 17 kilometres from Sydney’s CBD, services the unique north-west Sydney growth corridor including the major customer bases of Macquarie University, Macquarie Business Park and a fast growing residential population.
“Macquarie Centre is one of the most dynamic and commercially attractive regions in Sydney and the redeveloped centre will be an integral part of the growing community,” he said.
Importantly the redevelopment represents a significant boost to the New South Wales economy and the creation of new jobs.
“This exciting and very significant redevelopment will create 1,500 construction jobs and 1,200 permanent retail jobs on completion,” he said.
“The development will form part of the improved infrastructure of the north-west growth corridor, with dual off-ramps from the new M2 motorway to the centre, as well as direct access to the major new railway station and proposed bus interchange.”
AMP Capital has appointed Westfield to undertake design and construction, with the project expected to be complete by late 2014.
Macquarie Centre is 100 per cent owned by AMP Capital managed funds after it acquired Westfield Group (WDC) and Westfield Retail Trust’s (WRT) 50 per cent interest for $426 million today. The centre has delivered investors consistent outperformance with an average total investment return of 12.1 per cent per annum over 10 years.