House full at precinct
ABACUS Property Group’s revamp of the Oasis Shopping Centre’s dining precinct has paid off with the listed property group set to put up the “full house” sign.
Abacus purchased the Oasis complex for $103.5 million in 2015 and last year embarked on a $30 million renovation of the centre, which included major renovations to the dining area.
New tenants for the precinct, which opens out to Broadbeach Mall and Victoria Ave, include Japanese food outlet Harajuku Gyoza, which took over a 300sq m tenancy in May and Dragonfly Espresso and Wine Bar, due to move into 64sq m by October.
National Asian streetfood restaurant chain Junk is in the process of finalising a lease for 250sq m.
All parties have committed to or have signed 10-year leases.
The deals, negotiated by Knight Frank’s Lizzie Wheeler, leave a 134sq m space as the sole remaining tenancy in the precinct.
Ms Wheeler said the tenancies had attracted strong interest from Gold Coast and interstate operators.
She said Broadbeach was an increasingly attractive area to open a bar, cafe or restaurant, due in part to the large crowds that attend the annual Blues on Broadbeach and Broadbeach Country Music Festival events.
“Both events held during the winter months, provide operators with large cash injections during the typically quieter months, with attendance numbers over the two weekends reported at more than 200,000,” she said.
“While the Surf Parade strip remains a popular destination, we have witnessed a shift in patronage towards Oasis following the refurbishment of the dining precinct.”
Ms Wheeler said the new outlets include contemporary food and drink offerings that appeal to consumer trends.