First stage of $105 million Ocean Keys shopping centre development in Perth begins

AMP Capital’s Ocean Keys Shopping Centre in northern Perth’s Clarkson has seen the first stage open for the two year development and will also include 10 new residential apartments adjoining the centre.

The $105 million project is part of a $2.8 billion development pipeline for AMP Capital including redevelopments in northern Sydney’s Macquarie Centre, for $440 million, Pacific Fair on the Gold Coast, at $670 million and proposed developments at Perth’s Garden City and Karrinyup.

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The redevelopment is a response to strong growth in the northern Perth suburbs, with Ocean Keys in what is called one of the faster growing regions in Australia. The trade area’s population is expected to grow at an annual 5.3% from 2016 to 2021.

This release is ahead of the official schedule for April, and has brought 30 stores, a dining area and a playground to fruition, which add to the recently opened undercover car park, announced AMP Capital Shopping Centres’ managing director Bryan Hynes.

“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,” said Hynes.

The redevelopment created 200 construction jobs and completion will offer 400 retail positions.

By the end of this year the redevelopment will be complete, with Target, Kmart, Coles and Woolworths in position with more than 120 shops and services in total.

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The centre will be 37,000 square metres upon completion, and will include a new casual dining precinct and the 10 new residential apartments. There has also been the suggestion that a number of office spaces will be included.

The residential apartments were required by council, and proposals to council for the dwellings see them placed at the corner of Ocean Keys Boulevard and Key Largo Drive overlooking Key Largo Drive. Six of the dwellings planned for are one-bedroom units, with the remaining four being two-bedroom units. A residential lobby was also proposed for lift access and a flight of stairs.

Ocean Keys is already used as an amenity selling point for a number of online residential property listings.