AMP Capital will begin a long-awaited $800 million development at Karrinyup Shopping Centre next week, increasing the size of the centre from about 60,000sqm to almost 110,000sqm.
AMP is managing the development on behalf of the centre owner UniSuper, which manages superannuation funds for people employed in the higher education and research sector. UniSuper currently invests around $70 billion on behalf of 400,000 current and former higher education and research employees.
As well as the increased retail area, the development will include 134 residential apartments, with local developer Blackburne expected to be formally appointed to manage this component of the development.
UniSuper head of property and infrastructure Kent Robbins said the redevelopment would deliver new dining, entertainment and retail formats consistent with the evolution of the retail market globally.
“UniSuper is excited to commence construction on the development of Karrinyup to meet the needs of our customers and the community,” he said.
“This significant further investment into Karrinyup by our national membership base is expected to enhance and protect the sustainable returns from this quality investment into the future.”
AMP Capital expects the project to generate approximately 2,500 jobs during construction and subsequently a further 2,500 retail, support and management jobs over the lon term. The development will also include 4,500 parking spaces.
The increased retail offering at Karrinyup will include additional supermarkets, large-format international retailers, an alfresco dining area and a 10-screen Hoyts cinema.
AMP Capital is owner of Garden City Booragoon shopping centre, where it also plans major development, increasing the gross lettable area there from 72,000sqm to around 120,000sqm. Timing for this project has not been finalised.