AMP on track to deliver $1bn in retail projects

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WITH the completion of the $142 million Marrickville Metro, AMP Capital is set to deliver almost $1 billion in retail development on behalf of UniSuper.

The Marrickville development, along with the Karrinyup Shopping Centre in Perth which is due to open its first stage in July, reflect not only AMP’s commitment to retail but also the significance of retail centres in local communities.

“We are proud to have delivered the Marrickville Metro development in partnership with valued client UniSuper, bringing our shared vision of the changing nature of retail to life,” said Kylie O’Connor, head of real estate at AMP Capital.

The Marrickville Metro Shopping Centre is located at 20 Smidmore Street and contains a total of 33,000sqm of retail space, with the new floorspace totalling 11,000sqm.

The site will now house 44 retailers, including a Coles supermarket which accounts for 3,942sqm, a fresh food precinct, a pedestrian bridge, 455 new car spaces and both indoor and outdoor dining.

“To have delivered this development in line with the original vision, tenancy mix and public amenity elements despite the COVID-19 pandemic is nothing short of amazing and we are very proud of what the team has achieved,” added O’Connor.

Part of the design was the inclusion of more than 30 art installations in the new centre, that was imagined in collaboration with the Inner West Council.

“The inclusion of sustainable design principles, such as the rooftop solar panels, is another example of the significant steps we are taking towards becoming net zero carbon. We look forward to seeing the expanded Metro continue to meet the needs of the growing Inner West community for many years to come,” said Kent Robbins, head of property & infrastructure at UniSuper.

The Marrickville Metro site was built with a sustainable Hames Sharley design, utilising an industrial warehouse across from the existing centre, while maintaining much of the original warehouse façade.

The updated shopping centre is also expected to bring an addition 600 jobs to the inner west of Sydney.

Recent activity in the shopping centre retail space has included IP Generation’s acquisition of a $300 million portfolio of Sydney and regional NSW neighbourhood centres from Paul Lederer, in the biggest deal since the onset of COVID.

IP also recently acquired Vicinity Centre’s Mildura Central in Victoria for $81.1 million, while SCA Property group purchased the Mount Isa Village Shopping Centre for $44.2 million from ISPT.

“Retail has gone through its fair share of structural changes over the years and we have always been ready and able to shift our approach to managing and developing retail to suit the changing needs of each centre’s local customers and communities,” said O’Connor.