AMP Capital has won the Property Council of Australia’s Best Shopping Centre Development award for the redevelopment of Macquarie Centre in Sydney’s North Ryde.
The final stage of the $440 million refurbishment of Macquarie Centre opened in October 2014. The project transformed Macquarie Centre’s retail offering and customer experience while delivering an exceptional outcome for investors.
AMP Capital Global Head of Property Carmel Hourigan said: “I’m delighted the AMP Capital Property team has received industry recognition for the excellent job it has accomplished in delivering Macquarie Centre to be our benchmark development.
“Macquarie Centre has performed strongly during its first year of trade, which is pleasing. In managing and developing our assets, we look beyond short-term outcomes and focus on what this means for our investors over the long term; this is one of the important metrics we set ourselves when determining what success looks like.”
The journey towards the redevelopment of Macquarie Centre began in late 2012 when AMP Capital began the project on behalf of three of its funds – AMP Capital Retail Trust, the AMP Capital Diversified Fund and the AMP Capital Shopping Centre Fund – with the intent of creating one of the best retail destinations in Sydney in response to changing demographics in the north-west corridor.
The redevelopment of Macquarie Centre responds to the strong growth in the Ryde region. It has a total trade area of 721,930 people, who are expected to unleash $14 billion in retail spending by 2021.
Ms Hourigan added: “Our investors backed our research-driven approach to the development of Macquarie Centre, seeing the clear opportunity we had to drive better investment outcomes.
“Macquarie Centre is the first of a number of quality retail developments AMP Capital is undertaking on behalf of our investors. On the Gold Coast, the final stage of the Pacific Fair refurbishment will open in a few months while work continues in Perth on behalf of our investors on the developments of Garden City and Karrinyup shopping centres. These are unique assets with the ability to deliver superior outcomes for our clients.”
In addition, AMP Capital is also working on the development of its landmark Quay Quarter precinct in Sydney’s Circular Quay, which will involve construction of a 90,000-square metre tower on behalf of its core fund investor.