Wealth manager AMP Capital has tapped Blackburne Property Group to develop 94 apartments at its $800 million Karrinyup Shopping Centre redevelopment, 12 kilometres north of Perth’s CBD.
AMP, which manages the centre on behalf of UniSuper, is almost doubling the size of the centre from 59,000sq m to 109,000 square metres.
Construction started on the expansion in late 2018, re-weighting the centre toward entertainment and food and beverage with a fresh food precinct that AMP says will create a “bustling marketplace”.
The revamp will also include a main street, piazza and corso with external landscaping and public space, almost 300 stores and a new leisure precinct which includes a state-of-the-art 10 screen cinema.
AMP, which has signed Coles and Aldi along with an existing Woolworths, added international retailer H&M as a key tenant last week.
The Blackburne-led residential component to the east of the centre comprises 94 units, with plans to launch the one, two and three-bedroom apartments to market in late 2019.
Separately, AMP has development approval for additional apartments west of the centre.
The Perth developer has built more than 1,000 apartments on the west coast, winning approval for a 24-storey tower on the former Subiaco Pavilion Market site earlier this year.
Speaking at the commencement of the redevelopment in November, AMP global head of real estate Carmel Hourigan said the redevelopment will deliver compelling and sustainable investment outcomes for its client, UniSuper.
“The [redevelopment] is a great opportunity for AMP Capital to demonstrate its ability to incorporate the next generation of retail experiences to position this longstanding shopping centre destination for the future.”
Blackburne has flagged a construction pipeline set to commence late next year, with practical completion targeted in mid-2022.
The $800 million redevelopment of Karrinyup is scheduled to complete at the end of 2021.