Ocean Keys Shopping Centre in Perth’s northern coastal region is set to become a standout shopping centre for the community with construction of a $105 million redevelopment to start in January 2013.
The centre is owned by investors in the AMP Capital Shopping Centre Fund, a $2.3 billion portfolio of prime shopping centre assets.
The Fund has recently launched a capital raising program which has been very well supported by existing investors as well as new investors and will be used to fund this exciting redevelopment.
AMP Capital Shopping Centres, the manager and developer of Ocean Keys Shopping Centre, has appointed Built Environs as builder for the project following a design and tender process.
The redevelopment will include a new mall with 48 extra specialty stores, a full line Target store as well as an exciting new dining precinct. An additional multi-deck car park will be added catering for the Perth climate with over 90 per cent of the parking undercover.
AMP Capital Shopping Centres Managing Director Bryan Hynes said the redevelopment ensures that the community of Clarkson has an excellent retail offering servicing one of the highest growth regions in Australia.
“The region is forecast to grow around six per cent per annum annually until 2021 to 115,600 people and our vision is to create a truly exceptional shopping and leisure experience for our customers,” Mr Hynes said.
“Ocean Keys is located in one of the most dynamic and commercially attractive regions in Perth and the redeveloped centre will be an integral part of the growing community.”
The redevelopment of Ocean Keys is part of AMP Capital Shopping Centres $2 billion redevelopment pipeline which includes the future redevelopment of Garden City Booragoon in Perth. Garden City Booragoon recently opened Perth’s largest Apple store and commenced Sunday trading.
"We are excited to be able to start our development pipeline in Perth at Ocean Keys as we begin to develop plans for the redevelopment of Garden City Booragoon. Together, Garden City Booragoon and Ocean Keys will provide a significant boost to the Perth economy,” Mr Hynes said.
The Ocean Keys project represents a major boost to the Perth economy with the creation of over 200 construction jobs and over 400 retail jobs upon completion.
Key features of the Ocean Keys development:
- Ocean Keys will open in two stages during 2014 with the final stage to open in time for Christmas 2014
- The design of the centre will be fully integrated with the surrounding town centre and will feature commercial offices, a new main street café court and 10 new residential apartments adjoining the centre
- The development includes the addition of 48 extra specialty stores, a full line Target store and a new dining precinct
- An additional multi-deck car park will be added to the current car park with over 90 per cent of the parking undercover.
Established in 2003 the AMP Capital Shopping Centre Fund has 11 assets with an 88 per cent weighting to regional shopping centres. The Ocean Keys development is expected to enhance the funds return, which to date has delivered investors 11.7 per cent per annum total investment return since inception.