AMP Capital has provided a glimpse of the new Macquarie Centre, opening the first stage of its $440 million redevelopment of the centre in Sydney’s North Ryde. Delivered on 17 July, ahead of schedule and on budget, the development’s first stage includes more than 37 food and specialty retailers, 29 of which are new to the centre, a vibrant fresh food market, new Coles and ALDI supermarkets and a refurbished Woolworths.
Also, in a first for Australia, the centre boasts an innovative 21-metre curved digital panel which delivers both ambient content and advertising. Partnering with Spinifex Group, creative specialists behind Sydney’s spectacular Vivid Festival, on the creation of the content, the panel is part of AMP Capital’s focus on creating unique places and experiences for shoppers.
The second stage of the development will be completed in time for the busy Christmas shopping period, with the new Macquarie Centre set to 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 to be approximately 138,500 square metres in size on completion, making it the largest suburban shopping centre in Sydney.
AMP Capital Shopping Centres Managing Director, Bryan Hynes said Macquarie’s retail offering and customer experience will be transformed.
”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,” Mr Hynes said.
“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 project is part of AMP Capital’s $2.8 billion shopping centre development pipeline which also includes major redevelopments underway at Pacific Fair on the Gold Coast and Perth’s Ocean Keys, and proposed developments at Garden City, Booragoon and Karrinyup shopping centres also in Perth.
Mr Hynes said the development 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.
Macquarie Centre is owned by the AMP Capital Retail Trust, the AMP Capital Shopping Centre Fund and the Australian Core Property Portfolio and is managed by AMP Capital Shopping Centres.