AMP Capital completes $800 million redevelopment of Karrinyup Shopping Centre

AMP Capital today marked the completion of Karrinyup Shopping Centre, following an $800 million, three-year redevelopment with an official opening event attended by the Hon Mark McGowan, Premier of Western Australia.

The redevelopment of Karringyup Shopping Centre, which is managed by AMP Capital on behalf of owners UniSuper, was undertaken with construction partner Multiplex.

Now complete, the new Karrinyup Shopping Centre has almost doubled in size, expanding from 59,874 to 109,000 square metres and is home to 290 retail stores as well as a new outdoor entertainment and dining precinct, The West Deck.

In addition to the shopping centre development, a $100 million residential development is well under way on the eastern side with more than 80% of the 94 apartments already pre-sold. Approval has also just been granted for the western side residential development, which consists of three buildings to be built in two stages, including a total of 270 new homes as well as some commercial tenancies.

Kylie O’Connor, AMP Capital Global Head of Real Estate said “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.”

“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.”

“The successful completion of the development at Karrinyup Shopping Centre underscores our track-record and expertise in real estate development and funds management.”

Karrinyup has been Perth’s largest commercial construction project since development began in November 2018 and has helped boost the Western Australian economy. The project has directly supported about 2,500 new jobs during the construction phase and it is expected to generate a further 2,500 new jobs in retail, support and management now that it is completed. The owner of Karrinyup Shopping Centre, UniSuper, has been a long-term investor in Western Australia and welcomes the delivery of one of Perth’s leading fashion and lifestyle destinations. 

Kent Robbins, UniSuper Head of Property and Infrastructure commented: “The completion of Karrinyup Shopping Centre is a proud moment shared with our project partners AMP Capital and Multiplex. 

“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.

“We look forward to the ongoing partnership with our retailers, local management and the broader Perth community, including UniSuper’s Perth based members.”

Multiplex Regional Managing Director Chris Palandri said “Having built the original Karrinyup Shopping Centre in 1972 and completed an extensive refurbishment in 1996, we are delighted to have worked with AMP Capital over the last five years to once again make our mark and deliver this landmark retail destination for West Australians”.

“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. 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.”