Global investment manager AMP Capital will commence the $800 million redevelopment of Karrinyup Shopping Centre in Perth next week.
The expansion, to be managed by AMP Capital on behalf of owner UniSuper, will enhance the retail, leisure, entertainment and food and beverage offerings of the iconic Perth shopping centre.
UniSuper purchased the centre in 2012 when the Westfield Group and Westfield Retail Trust sold their holding in the centre.
The 45-year old centre is now set to double in size, growing from 59,000sq m to 109,000sq m, incorporating additional supermarkets, large-format international retailers, an alfresco dining precinct and a state-of-the-art 10 screen HOYTS cinema.
The centre's last major works were completed in 1998 at a cost of $95.3 million, adding 54,000sq m of leasable floor area.
AMP Capital’s global head of real estate Carmel Hourigan said the development is a great opportunity to position the longstanding shopping centre as a destination for the future, while delivering sustainable investment outcomes for UniSuper.
“As long-term investors in Western Australia, today marks a significant day for AMP Capital and our valued client, UniSuper and its members who are the ultimate recipients of the compelling investment returns that this development aims to deliver,” Hourigan said.
The redevelopment, designed by Perth-based architecture firm Taylor Robinson Chaney Broderick and Hames Sharley, will also add 94 high-end residential apartments, scaled back from the 150 originally planned.
“What really makes this development special is the connections we build and the lasting impact we can make in the community, particularly by creating long-term employment opportunities,” Hourigan said.
AMP Capital expects the project to generate approximately 2,500 jobs during construction and subsequently a further 2,500 retail, support and management jobs, providing long-term employment opportunities.
Builder Multiplex will now work to a strict schedule to allow the centre to remain open, minimising disruption to trade.
Construction is expected to take three years, concluding late 2021.