Sleep where you shop: Apartments to open next to Karrinyup Shopping Centre

Source: WA Today

Shopaholics rejoice! By 2022 you will have a choice of apartment so close to a shopping centre you could throw your credit card at it.

On Tuesday, Karrinyup Shopping Centre manager AMP Capital announced Perth-based developer Blackburne would build a 94-dwelling apartment block next to the shops.

Blackburne property will build an apartment complex near the centre.
Blackburne property will build an apartment complex near the centre.

The announcement came a day after AMP announced H&M would move into the shopping centre once the $800 million, 109,000-square-metre redevelopment is complete.

Mixed use development was a trend being embraced locally and nationally, AMP Capital WA divisional development manager of shopping centres Scott Nugent said.

“By combining shopping, dining, entertainment and living, we’ll be creating a lively community hub where people can meet, relax, shop, dine or enjoy unique experiences close to their own home,” he said.

“Retailers will also benefit from having residents right on their doorstep, contributing to the vibrancy of the centre beyond 5pm.”

Blackburne is also building the 242-apartment tower at the site of the old Subiaco Markets.

Managing director Paul Blackburne said the project presented a unique opportunity to create larger, higher-end homes in a premium location.

“The elevated site provides incredible views over Lake Gwelup, surrounding parklands and the city skyline,” he said.

The apartments will be listed for sale in 2019, with construction set to begin in 2020 and completion targeted for mid-2022.

Karrinyup is owned by UniSuper and its redevelopment will be completed by 2021.

A CBRE retail property report released Monday found while the pace of retail expansion had slowed, international fashion retailers such as H&M and Uniqlo continued to roll out stores and take sales from traditional department store retailers.

H&M recently opened its 40th Australian store in Queensland.

The report said the ease of using the internet to compare prices and products meant tenant mix in shopping centres relevant to the surrounding suburbs was increasingly vital to centre turnover.