AMP Capital has confirmed it will deliver close to $1 billion for retail development on behalf of UniSuper, with a successful completion of the $142 million Marrickville Metro along with Perth’s Karrinyup Shopping Centre which will open in July.
These developments, according to AMP Capital, confirmed its commitment to retail, a sector considered by many as one of the hardest-hit by pandemic and still challenging, but also the sector which demonstrated the important role retail centres played in the local communities, the firm said.
“While 2020 was extremely challenging, we continue to have conviction in the sector, and are applying a fresh approach built on our tried and tested retail principles for these two developments – something we’ve done successfully many times regardless of
market conditions over the last 50 plus years,” AMP Capital’s head of real estate, Kylie O’Connor, said.
The Marrickville Metro project also represented a substantial milestone in UniSuper’s long-term strategic investment and UniSuper committed further capital investment for a refurbishment and improvements in the existing centre.
UniSuper’s head of property and infrastructure Kent Robbins said: “We are delighted with the result and congratulate the entire AMP Capital development team and their design and construction partners for delivering a destination that locals can be proud of, particularly amidst such a difficult environment for everyone”.
The development repurposed an underutilised industrial warehouse located across the road from the existing centre, maintaining much of the existing warehouse façade, with the site now hosting more than 40 new retailers including Coles, as well as a fresh food precinct and indoor and al fresco dining options.