Westfield, AMP to Extend North Ryde’s Macquarie Centre, Sydney
Upon completion the complex, at the corner of Waterloo and Herring roads in North Ryde will be the third largest complex in Sydney, and the eighth largest in Australia.
Existing tenants include Myer, Woolworths and Franklins supermarkets, and discount department stores Target and Big W.
The centre is currently valued at about $900 million. The extension will tap into the improved infrastructure of the area, according to The Australian. In the area, recently, a new rail way station has been added. A bus interchange has also been upgraded. A business park close to Macquarie University has also been developed.
AMP Capital Investors Bryan Hynes said the average vacancy of Australian shopping centres was 0.6 per cent, compared with 8 – 10 per cent in the UK and about 10 per cent in the US.
