Big week for Perth shopping centres
AMP Capital has appointed Brookfield Multiplex to build the $600 million redevelopment of Perth’s Karrinyup Shopping Centre, on the same day CBD shopping centre Carillon City was put up for sale.
Brookfield Multiplex was announced as the construction partner for the expansion of the centre, 12km north of the Perth CBD, in a move that is expected to create 2500 jobs during the construction phase and another 2500 once the centre opens.
The construction giant was behind the centre’s previous refurbishment 20 years ago.
Brookfield Multiplex CEO John Flecker says the redevelopment, which will almost double the size of the existing centre, will transform Karrinyup into a world-class retail destination.
An artist’s impression of the Karrinyup Shopping Centre redevelopment.
“The redevelopment of Karrinyup will see the centre expand from 59,715sqm to 113,000sqm, and will surpass all other retail precincts previously delivered in Perth for its range of shops, lifestyle and entertainment options,” Flecker says.
“We are excited to deliver the next phase of Karrinyup, which will reposition it to provide customers with an unprecedented retail and entertainment experience.”
Brookfield, Hawaiian put Carrilon City up for sale
The news comes as Carillon City, one of Perth’s largest CBD assets, hits the market.
Co-owners Brookfield Property Partners and Hawaiian Investments are offloading the major shopping and office complex, which home to Perth’s Topshop Topman store.
Carillon City is one of the busiest centres in the city and counts three mini-majors, 104 specialty shops and kiosks among its tenancies.
One of only 20 CBD shopping centres in Australia with a footprint of more than 10,000sqm, it also includes a 14-level office tower with 47 tenancies, bringing the building’s total lettable area to more than 18,000sqm.
Perth’s Carillon City is home to the city’s Topshop store.
JLL’s Australian retail investments head Simon Rooney says developers are expected to be among the potential buyers for the landmark site.
“Carillon City is a highly strategic investment and future redevelopment opportunity, a landmark site with unmatched exposure to the bustling Murray and Hay St malls, the most connected retailing destination in the Perth CBD and provides significant value enhancement opportunities,” Rooney says.
“The stock base for major CBD shopping centres in Australia is limited and historically have been very rarely traded. We therefore expect Carillon City will be keenly sought.”
