The new Ocean Keys has been unveiled, following the completion of a $108 million redevelopment.
The centre in Clarkson in northern Perth is owned by investors in the AMP Capital Shopping Centre Fund (ASCF) and managed by AMP Capital Shopping Centres (AMPCSC), and now measures over 37,000sqm in size.
Responding to one of the largest shopping precincts in the city’s rapidly growing coastal corridor, Ocean Keys is located in one of the fastest growing regions in Australia with trade area population expected to grow at 5.3 per cent to 2021.
The unveiling of the final stage, ahead of schedule, completes a two-year project redeveloping the centre which now features more than 120 stores and services, ten residential apartments, Coles, Kmart and Woolworths stores as well as a new full-line Target store.
The Ocean Keys development is the first project delivered in Western Australia as part of AMP Capital’s $5 billion property development pipeline, and is the first to be approved under the WA State Planning Policy that came into effect in 2010.
Director of Property, Andrew Bird said the Ocean Keys development is great news for investors, helping ASCF deliver the best risk adjusted returns to investors.
“With significant projects planned on behalf of our clients at Garden City Booragoon and at Karrinyup, the successful Ocean Keys project is a clear expression of our commitment to Perth and an indication of the exciting plans we have for the future for our clients’ assets in Western Australia,” Mr Bird said.
AMPCSC Managing Director, Bryan Hynes said the redevelopment improves the retail offer and customer experience of the centre.
“We have unveiled 20 new stores to complete the successful redevelopment of Ocean Keys. This complements the 30 new stores, new dining area, playground and undercover car park delivered in Stage One back in March. The centre’s design has been fully integrated with the surrounding town centre and delivers a more active neighbourhood centre where people can work, live and be entertained.”
The Ocean Keys development is part of the AMP Capital Property $5 billion development pipeline which also includes the recently launched Macquarie Centre in Sydney, development underway at Pacific Fair in Queensland, and prospective projects at Garden City Booragoon and Karrinyup Shopping Centre in WA and Quay Quarter Sydney.