AMP Capital has opened the first stage of its $440 million development of Macquarie Centre at North Ryde, Sydney.
The project is part of AMP Capital Shopping Centres’ $2.8 billion development pipeline, which includes major redevelopments underway at Pacific Fair on the Gold Coast and Perth’s Ocean Keys, and proposed at Garden City, Booragoon and Karrinyup shopping centres also in Perth.
AMP Capital Shopping Centres Managing Director Bryan Hynes said the development transforms Macquarie Centre’s retail offering and customer experience and provides a compelling opportunity for investors.
“The redevelopment of Macquarie Centre responds to the strong growth in the Ryde region. With a total trade area of 337,770 people, expected to unleash $6 billion in retail spending by 2021, the north-west corridor is considered the new capital of household wealth in Sydney and by the end of the year the area will have a new-look shopping centre to match,” Mr Hynes said.
“Today we have unveiled, ahead of schedule and on budget, more than 37 food and specialty retailers, 29 of which are new to Macquarie Centre. The centre will offer our customers a one-stop-shop for fresh food, specialty Asian food stores and market-style restaurant options from local producers.”
Stage one of the redevelopment includes a Fresh Food Market precinct featuring new Coles and ALDI supermarkets alongside a refurbished Woolworths. It also includes a range of market-style eateries such as Costis Seafood Market Macquarie, Inlakesh Living Foods and F & L Gourmet.
In a first for Australia, the centre boasts an innovative 21-metre curved iconic digital panel, which delivers both ambient content and advertising. Partnering with Spinifex Group, creative specialists behind the Sydney Vivid Festival, the panel is part of AMP Capital Shopping Centres’ focus on creating unique places and experiences for shoppers.
Mr Hynes said: “Consumers are savvier yet more time poor than ever before and are craving distinct experiences in unique environments where they feel special. We’re transforming Macquarie Centre into a leading contemporary urban centre, offering diverse experiences to the students, residents and workers in the area.”
The second stage of the project will be completed in time for the Christmas shopping period and will provide one of the finest retail and leisure destinations tailored to residents and the expanding Macquarie University and Macquarie Business Park. The centre will grow by around 38,000 square metres to be approximately 138,500 square metres in size on completion, making it the largest suburban shopping centre in Sydney.
Mr Hynes said: “When it is complete, Macquarie Centre will house a new fashion galleria featuring Australian and international designers and a two-level David Jones, which will be the department store’s first new premises in Sydney for seven years.
“The centre will include a number of international, large-format, fashion brands as well as established local brands, aspirational fashion retailers, unique leisure and lifestyle retailers, and the best fresh food offering in the area.
“The Macquarie Centre development delivers a great product for our customers, retailers and investors and demonstrates AMP Capital’s capability as an investment manager in real estate. AMP Capital identified the project as a market-leading investment opportunity, raised the required capital and has managed all aspects of the development.”
Macquarie Centre is managed by AMP Capital and owned by the AMP Capital Shopping Centre Fund (ASCF), the Australian Core Property Portfolio (ACPP) and the AMP Capital Retail Trust.
For more information about the redevelopment at Macquarie Centre, please visit www.macquariecentre.com.au
About AMP Capital Shopping Centres and Macquarie Centre:
AMP Capital Shopping Centres combines world-class experience and specialist capabilities with a deep understanding of local property markets. Supported by the strength of AMP Capital and the experience of the AMP Group, we are uniquely positioned to provide premium property management services to some of Australia and New Zealand’s most successful and high-performing retail centres. Established in 1971, AMP Capital Shopping Centres has a portfolio comprising 26 centres throughout Australia and New Zealand, which generate more than A$6 billion in annual sales and attract more than 170 million visitations annually. AMP Capital Shopping Centres employs more than 275 people and has more than 3,000 individual retailer relationships*.
*As at December 2013. Includes internally and externally managed centres.