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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

Entire Gold Coast Block Hits the Market

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Entire Gold Coast Block Hits the Market
An entire city block in Surfers Paradise is up for sale for the first time in 40 years.

The sizable 1.05-hectare site has street frontages to Surfers Paradise Blvd and Ferny Ave, and is located about one block from the beach.

The site at 3 Cypress Avenue is owned by Tony Fung’s Aquis group and Chinese companies CCCC International Holding and Tandellen.

The partners, who paid Japan’s Orix group $36.5 million for site two years ago, own it through Aquis Hotel Investment Holdings.

The site is on the market with CBRE’s Jonathan O’Brien and Mike Walsh, and Knight Frank’s James Branch and Mark Witheriff.

“This is an outstanding opportunity to acquire a central beachside development site on this scale without any material impediments to development and a pro-development local council,” O’Brien said.

“We expect to receive interest from a range of national and international developers.”

The listing comes at a promising time for the Gold Coast tourism market, with the Commonwealth Games and recent figures showing an increase in visitors to the Gold Coast to 12.9 million per year with spending in excess of $5 billion. More than one million international passengers through the Gold Coast airport in a 12-month period.

Agents were not able to provide price expectations due to what they said was the unusual and unique quality of the site.

Expressions of Interest for the site close 24 April, 2018.

Originally Published: theurbandeveloper.com

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Commercial Property

Gold Coast office vacancy declines on market demand

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Gold Coast office vacancy declines on market demand

Healthy demand for office space on the Gold Coast has seen vacancy rates fall over the final half of 2017.

The Property Council of Australia’s latest Office Market Report, released today, shows that over the last six months of 2017, Gold Coast office vacancy fell from 11.3 to 10.6 per cent off the back of positive market demand and building withdrawals.

“Vacancy rates have now been falling on the Gold Coast for a year and a half, indicating a growing strength in the local economy,” says Queensland executive director of the Property Council, Chris Mountford.

“The Gold Coast office market is now preforming considerably stronger than the Brisbane CBD, which is sitting at 16.2 per cent vacancy.

“The sharpest decline in vacancy was felt in Surfers Paradise, with strong tenant demand driving a 3.1 per cent drop in vacancy levels.

“Positive tenant demand was primarily observed in A Grade stock, with tenants seeking to shift to higher quality premises.

“With 5,576sqm of new office space in the pipeline for 2018, and 4,000sqm mooted over the long-term, the Gold Coast will need to continue to generate new job-creating opportunities this year in order to maintain current vacancy levels.”

Gold Coast vacancy rates by suburb:

  • Broadbeach: vacancy decreased from 8.7 per cent to 6.6 per cent due to 638sqm of net absorption
  • Bundall: vacancy increased from 11.5 per cent to 11.8 per cent due to -300sqm of net absorption
  • Robina-Varsity Lakes: vacancy increased from 6.8 per cent to 7.2 per cent due to net absorption of -506sqm
  • Southport: vacancy decreased from 14.0 per cent to 13.2 per cent due to 2,800sqm of withdrawals
  • Surfers Paradise: vacancy decreased from 15.1 per cent to 12.0 per cent due to 3,063sqm of net absorption

Originally Published: businessnewsaus.com.au

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Commercial Property

Stradbroke Island Beach Hotel Listed for Sale

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Stradbroke Island Beach Hotel Listed for Sale
Buyers and investors may have the chance to secure one of Australia’s most picturesque ocean-front pubs, as the Stradbroke Island Beach Hotel and Resort Spa has been put up for sale.

For the first time in 20 years, the Point Lookout destination will be marketed by CBRE via a private treaty process on behalf of developer and investor Bob Hill.

Queensland rich-lister Hill secured a 50 per cent stake in the “Straddie Pub” in 1996 and undertook a $20 million refurbishment around a decade ago.

The hotel is situated on a large, 3,267 square metre site and comprises a main bar, bistro, beer garden, gaming room with machines, TAB, function room and on-site bottle shop. There are 13 accommodation rooms and management rights for an adjoining complex comprising 16 units.

CBRE Hotels’ Paul Fraser said the property would deliver its new owner a strong upward trending cash flow and bottom line business.

“This landmark asset, situated in one of Brisbane’s most visited holiday destinations, offers multiple income streams,” Fraser said.

“The incoming owner will reap the benefit of a strong initial yield in addition to huge upside

and revenue growth opportunities, particularly through the food and function offerings.”

The Stradbroke Island Beach Hotel occupies an exclusive headland site on the most easterly point of the Queensland coastline. It offers northerly panoramic ocean views and direct access to Point Lookout’s Cylinder Beach.

Originally Published: theurbandeveloper.com

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