AFTER three-years, AMP Capital has completed Perth’s largest commercial construction project with the $800 million redevelopment of Karrinyup Shopping Centre.
With construction on the project now delivered for owners UniSuper, by AMP’s construction partner, Multiplex, the centre hosted an official opening event with the premier of Western Australia, Mark McGowan in attendance.
“The Karrinyup redevelopment is a perfect example of AMP Capital embracing the future of retail and mixed-use development, while continuing to deliver sustainable returns for investors,” said Kylie O’Connor, global head of real estate at AMP Capital.
Located at 200 Karrinyup Rd, the new shopping centre additions have nearly doubled the assets footprint, which now spans 109,000sqm and houses 290 retail stores, in addition to The West Deck, a new outdoor entertainment and dining precinct.
“Our vision for this project has always been to create an integrated development which embraces a live, work, play approach and in a first for Perth, Karrinyup Shopping Centre now offers access to a genuine mixed-use precinct for all to enjoy,” added O’Connor.
The redevelopment project began in November 2018 and has generated around 2,500 new jobs throughout the construction phase.
“The completion of Karrinyup Shopping Centre is a proud moment shared with our project partners AMP Capital and Multiplex,” said Kent Robbins, head of property and infrastructure at Unisuper.
“This redevelopment addresses the community’s expectations to provide not just best in class retailers, but also a diverse range of entertainment, dining, wellness and service offerings.”
Already having boosted the state’s economy throughout construction, the now completed centre is expected to create a further 2,500 jobs in retail, support and management.
“Throughout construction we successfully worked in a live environment, with an objective to minimise the disruption to shoppers as far as possible while ensuring safety remained our number one priority,” said Chris Palandri, regional managing director at Multiplex.
Meanwhile, the $100 million 94-apartment residential development on the sites eastern side is still currently under development, with 80% already pre-sold.
Approval has also been recently received for another residential project on the western side of the development, which will comprise 270 residences and additional commercial space across three buildings built in two stages.
“This project is another outstanding example of Multiplex on time delivery and is a credit to our staff, subcontractors and the AMP Capital team that brought it all together,” concluded Palandri.
