Australia’s UniSuper has entered into residential property development as part of an extensive A$800m (€502m) redevelopment of its largest retail asset, Karringup Shopping Centre, in Perth.
The industry superannuation fund’s asset manager, AMP Capital, has selected West Australian multi-residential developer Blackburne to develop 94 high-end residential apartments on the east side of the centre.
AMP Capital’s WA Divisional Development Manager, Shopping Centres, Scott Nugent, said mixed-use development was a trend that was being embraced both locally and nationally.
“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,” Nugent said.
The complex will comprise a range of 1, 2 and 3-bed apartments and penthouses.
“We look forward to working with them to deliver high-quality apartments that will complement the new Karrinyup,” Nugent said.
Blackburne is planning to launch the East Residential apartments for sale later this year, with construction set to commence towards the end of 2020 and practical completion targeted for mid-2022.
UniSuper did not respond to request for comment on its first foray into residential.
UniSuper’s owns three shopping centres, including Karrinyup in Perth under its direct property holdings. It has two other smaller centres in Sydney and Melbourne.