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Commercial Property

Construction Under Way On New Hope Island Shopping Centre

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Construction Under Way On New Hope Island Shopping Centre

Construction is now under way on the Hope Island Marketplace shopping centre which will deliver a retail destination to residents and visitors in the popular northern Gold Coast location.

The new development will feature approximately 10,000sq m of retail space and has already secured pre-commitments from major supermarket chains, Woolworths and Aldi, supported by a quality mix of specialty retail, commercial and dining tenancies.

Hope Island Marketplace will be the only dual supermarket offering in the main trade area and will also house the catchment’s only Woolworths and Aldi stores, providing a major boost to convenience shopping services for locals and tourists alike.

It is prominently located on the high-profile intersection of Broadwater Avenue and Mervyn Drive, Hope Island, immediately adjacent to the Hope Island Tavern, a 7-Eleven and McDonalds.

Construction works have commenced onsite and the centre is scheduled to open in early November 2018. Retail spaces in the Austin Property Development project are being marketed by Ashley Moffat of LJ Hooker Commercial Gold Coast together with Rudi Scutti and Cody Buck of CBRE Gold Coast.

In addition to its two secured anchor supermarket tenants, Woolworths (4,092sq m) and Aldi (1,596sq m), the Hope Island Marketplace will also feature up to 36 speciality tenancies, ranging in size from 17sq m up to 550sq m.

The fully air-conditioning shopping centre will feature a vibrant food and beverage precinct, a health and wellness hub, professional services and a fast food precinct serviced by a drive thru facility. There will also be 484 car parking bays onsite.

hope island

LJ Hooker’s Ashley Moffat said there has been exceptionally strong leasing interest in the Hope Island Marketplace, with more than 70 per cent of the development already under offer.

He said this demand reflects the positioning and quality of the project and the attractive demographics of Hope Island and its surrounding catchment area.

“The centre is ideally located in the heart of the rapidly evolving Hope Island community and in close proximity to major arterial roads including the M1 and local attractions such as three international golf courses, marinas, hotels and resorts, and a number of popular master-planned communities,” Moffat said.

“This site has been earmarked for a potential shopping centre development for nearly 15 years and it is very pleasing to see the local community finally getting the quality retail offering they deserve. Hope Island Marketplace will deliver a real point of difference for local shoppers with a true convenience based, community inspired shopping destination.”

Hope Island is located approximately 20km north of Surfers Paradise and is surrounded by a number of prominent master-planned residential communities such as Sanctuary Cove, Hope Island Resort, Marina Quays and Cova Hope Island.

CBRE’s Rudi Scutti said Hope Island is an affluent fast-growing suburb with strong underlying demographics, including an average income per capita 21% higher than the national average.

“The new Hope Island Marketplace is located on a prominent thoroughfare in the heart of this rapidly evolving area, which is set to benefit from continued residential, tourism and retail spending growth,” Scutti said.

“The main trade area population, estimated at 22,870 in 2016, is projected to increase to 29,000 people by 2026. Neighbourhood centres with major full-line supermarkets typically serve a population of 8,000-10,000 people, highlighting the area’s capacity to easily support two new major supermarket offerings. Furthermore, annual retail expenditure in the main trade area is currently estimated at $372 million and is forecast to grow to $633 million per annum by 2026.”

“Given this strong projected growth, we have a diverse range of ambitious retailers wanting to secure a prime position at the new Hope Island Marketplace to capitalise on this and the modern retail facilities and vibrant lifestyle setting on offer.”

Originally Published: www.theurbandeveloper.com

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Commercial Property

Prime Slice of the Gold Coast Hits the Market

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Prime Slice of the Gold Coast Hits the Market

A prime 9,637sq m slice of the Gold Coast has come to market, giving potential investors an opportunity for development or an idyllic residential holding.

The property, located at 162 Siganto Drive, is positioned in a prime growth area and only eight minutes from the newly built Westfield Shopping Centre in Coomera.

The proposed commercial mixed-use development site caters for a range of potential uses under the low impact industry zoning which will suit developers in the distribution industry, or those looking for professional office space or even indoor sports and recreation.

The surrounding area has benefited from strong residential growth which has supported the housing market, commercial businesses and new infrastructure.

Prime Slice of the Gold Coast

The site sits within a rapidly expanding growth corridor and is situated directly off the M1, approximately 40 minutes from Brisbane, 25 minutes from Burleigh Heads and 20 minutes to Southport CBD.

On the site currently sits a resort style luxury home and swimming pool.

Under the current medium density zoning we understand the potential for this site may suit age care or subdivision of town homes and potential many more uses (STCA).

The proposed DA maximises the shape and size of this site and plans showan NLA of approximately 3,135sq m and only around 32 per cent site coverage allowing developers to increase the GFA and turn this development site into a winning investment.

The great thing about this site is it is tucked away giving potential businesses lots of privacy, but also providing ease of access around the site as it opens up with potential waterfront views.

The M1 off ramps to Siganto Drive is a massive plus with the North and South entry points to Siganto Drive being the Oxenford/Hope Island exit and North Helensvale/Movie World M1 access ramps allowing for an effortless flow of vehicles.

With recent transactions in this area of Saltwater Creek Pub and a mortgagee sale of the proposed MI-HQ development site we can see that by these transactions occurring in the last few months that commercial property and development opportunities are in high demand.

 

 

Source: theurbandeveloper.com

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Commercial Property

Gold Coast office space in hot demand

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Gold Coast office space in hot demand

NEW data has revealed the demand for office space on the Gold Coast continues to increase.

The Property Council of Australia’s 2019 Office Market Report shows the Coast’s office market vacancy has fallen from 12.0 percent in July 2018 to 11.6 percent in January 2019.

Chris Mountford, Queensland Executive Director for the Property Council of Australia, attributed it to positive tenant demand and encouraging market conditions following the close of the 2018 Commonwealth Games.

“Figures from the 2019 report show a healthy office market with positive tenant demand and a good level of net absorption. Rather than scaling back post-Commonwealth Games, the region has defied the nay-sayers and continued its growth trajectory,” said Mr Mountford

“Activity has been particularly positive in the Bundall and Surfers Paradise locales, with 2,986sqm of net absorption being recorded across the Coast markets over the period.”

“Robina-Varsity Lakes and Southport also witnessed a decline in vacancy, due to net absorption, which shows growing strength in the local economy.”

The only suburb to see a notable increase in office space was Broadbeach.

“We did see an increase in vacancy in the Broadbeach area, but this was due to 892sqm of supply additions.”

“With little new stock on the horizon for 2019, we can expect vacancy rates to tighten throughout the year, putting the Gold Coast in a strong position going forward,” said Mr Mountford.

 

Source: mygc.com.au

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Commercial Property

Yuhu Snap Up Neighbouring Site to Expand Jewel

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Commercial Building

Development giant Yuhu Group has expanded upon its $1 billion Jewel development, snapping up a neighbouring parcel of land in Surfers Paradise.

The $11.25 million purchase includes two low-rise apartment buildings on a 1264sq m parcel of land adjacent to the major Jewel development.

While no specific plans for the 2 Wharf Road site have been finalised, Yuhu chairman Jimmy Huang said the vision for Jewel is to “create the most desirable destination possible for both residents and visitors”.

“The extra land could, for example, lend itself to additional retail and commercial offerings, including facilities to support leisure, exhibitions, entertainment or business activities.”

Yuhu Group acquired the historically difficult developmentproject from Chinese conglomerate Dalian Wanda, along with One Circular Quay in Sydney, for $1.13 billion in May last year.

The three crystalline towers that form the Jewel project reached topping out stage last August.

In North Sydney Yuhu has topped out its $250 million residential development ‘The Miller’ reaching its maximum 21-storey construction height.

The PTW-designed tower will comprise 169 private residences and 100 serviced apartments, managed by Quest when complete.

Huang says The Miller will provide high-quality urban living in North Sydney.

“It is also in proximity to the waterfront and Sydney CBD just two kilometres away,” he said.

The Miller is scheduled for completion in the third quarter of this year.

 

Source: theurbandeveloper.com

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