As shopping centres continue to evolve, owners are embracing the concept of mixed-use developments; combining shopping, work, entertainment and living to create vibrant destinations. No longer simply a place to visit from 9-5, they are a lively hub for the community to meet, relax, shop, dine or enjoy unique experiences close to home. The introduction of residential apartments is a critical component in creating these local town centres.
Various state and local governments now require shopping centres to include residential as part of their expansions and savvy shopping centre owners are embracing this trend. The addition of residential apartments to a shopping centre creates a unique group of customers who reside right on the centre’s doorstep. These residents are essential in supporting local retailers and contributing to the village atmosphere of the centre. In turn, the residents benefit from the convenience of living near an array of dining options, shopping and other amenities such as banks and public transport.
The rise of apartment living across Perth and other major cities reflects people’s desire for a greater choice of living options in appealing locations and with improved conveniences. Choosing an apartment in a town centre setting offers greater security which makes them suitable for those who want to enjoy a ‘lock-and-leave’ lifestyle. Less upkeep at home means there is more time to enjoy all the entertainment, restaurants and cafes within close walking distance.
When apartment development is done well, the benefits are wide-reaching. Not only do the residents and businesses benefit from greater amenity and foot traffic respectively, the wider community also enjoys a more vibrant and safer neighbourhood. Thoughtful design can create an engaging community atmosphere, where there is street interaction and shared public spaces for the enjoyment of residents and locals alike. Greater density in an area also supports more local businesses and walkable neighbourhoods.
Many shopping centre owners are bolstering their retail experience by partnering with skilled residential developers who specialise in residential development and sales. As an example, AMP Capital has partnered with leading residential property developer Blackburne to deliver the first stage of residential apartments at Karrinyup Shopping Centre. The $800M development will incorporate 94 high-end residential apartments, with views to the city and over Lake Gwelup and provide residents direct access to an impressive retail, lifestyle and entertainment offer.
The trend towards incorporating residential at shopping centres will only continue to grow in the coming years, with more shopping centre owners choosing to embrace mixed-use development to bring customers to the centre’s doorstep, while shaking up the traditional shopping mall to create more vibrant and welcoming town centres.
Scott Nugent is Divisional Development Manager – WA and is overseeing the major development of Karrinyup Shopping Centre which AMP Capital is managing on behalf of owner UniSuper.
Blackburne is planning to launch the Karrinyup east residential apartments for sale later in 2019 – early 2020. Construction is currently set to commence towards the end of 2020 and practical completion is targeted for mid-2022. Information on the residential apartments is available on the Blackburne Property website www.blackburne.com.au/developments/karrinyup-by-blackburne/ or phone 9429 5777.
The shopping centre development is currently well underway and on target for completion in late 2021. If you are interested in leasing a retail tenancy, please contact Jackie Merriman on 0417 772 121 or at jackie.merriman@ampcaptial.com.
