AMP Capital today opened the first stage of its $105 million, two-year development of Ocean Keys Shopping Centre at Clarkson in northern Perth.

AMP Capital Shopping Centre’s planned $2.8 billion development pipeline, which includes major redevelopments at Macquarie Centre in northern Sydney ($440 million), Pacific Fair on the Gold Coast ($670 million), and proposed projects at Garden City and Karrinyup in Perth.

AMP Capital Shopping Centres Managing Director, Bryan Hynes said the development would improve the retail offer and customer experience of the centre and was the first in a long line of strong investment opportunities for AMP Capital.

“Today we have unveiled, ahead of schedule, 30 new stores, a dining area and playground that add to the recently opened undercover car park,” Mr Hynes said.

“The redevelopment of Ocean Keys will provide our investors in the AMP Capital Shopping Centre Fund with enhanced risk adjusted returns by creating a first class shopping and leisure destinations,” he said.

The redevelopment responds to the very strong growth in Perth’s northern suburbs. Ocean Keys is located in one of the faster growing regions in Australia with the trade area population expected to see an average annual growth of 5.3 per cent between 2016 and 2021.

The Ocean Keys redevelopment provided around 200 construction jobs and on completion will see around 400 new retail positions on offer in the centre.

The redevelopment is on track to be completed by the end of 2014 when a new Target will join existing major stores such as Kmart, Coles and Woolworths, and will incorporate more than 120 shops and services.

The centre will grow from 22,760sqm to be approximately 37,000 square metres on completion. The design of the centre will be fully integrated with the surrounding town centre and will feature a new casual dining precinct and 10 new residential apartments adjoining the centre, delivering a more active neighbourhood centre where people can work, live and be entertained.

Ocean Keys Shopping Centre is managed by AMP Capital and owned by the AMP Capital Shopping Centre Fund.

For more information about the redevelopment at Ocean Keys, please visit www.oceankeys.net.au.