Blackburne Property Group will create a $300 million apartment development at Karrinyup Shopping Centre, as part of a new joint venture with AMP Capital.

Blackburne will seek development approval for a newly designed complex that is set to replace AMP Capital’s three-tower project already approved for the site.

AMP Capital had previously wanted to build a controversial $150m complex, made up of 270 dwellings and commercial tenancies in towers up to 24-floors high.

The new design, called Karrinyup West, reduces the number of towers to two and decreases the height to a maximum 23 floors. It creates fewer apartments, with 253 dwellings now slated for the complex.

The new complex more than trebles the amount of green space and more than doubles the deep soil area, which allows for big trees.

Blackburne Property Group managing director Paul Blackburne said the complex, which faces Burroughs Road and Karrinyup Road, follows on from the East Village complex.

“We think it is a better plan and more appropriate for the site,” he said.

“We’ll deliver larger, higher-end apartments. Two buildings rather than three makes the view corridors better.” The new complex, designed by MJA Studio, is expected to replicate a similar formula to the one used for One Subiaco and The Grove in Cottesloe, by appealing to local downsizers as the target market.

“We are finding what we have found in other areas, that there are people living in Trigg and North Beach who want to downsize from their big homes,” Mr Blackburne said.

“Typically, they want to buy an apartment that is worth about half of what their home is worth.”

Mr Blackburne said the complex, which sits alongside the 110,000sqm retail centre on Karrinyup Road, was part of a growing number of retail-based residential hubs globally.

A statement from AMP Capital’s WA divisional investment and development manager, Scott Nugent, did not say why it dropped its approved plans.

“Our vision has been to create a genuine mixed-use community at Karrinyup, which offers a place to live, relax, socialise, shop, dine and enjoy,” he said.

“This is a unique experience which cannot be found anywhere else in Perth. The care and attention to detail Blackburne puts into realising its award-winning developments is second to none, and we look forward to working as a team to create lively and vibrant, world-class residential options at Karrinyup West.”