Centre taking shape
Interest high in $65m Hope Island project
CONSTRUCTION of the $65 million Hope Island town centre is finally under way – more than 15 years after it was first mooted.
The two-level 10,000sq m project, undertaken by Lennon Lin’s Austin Property Development, will see Hope Island gain its second shopping centre and first with two supermarkets – Woolworths and Aldi.
However, the centre, to be known as Hope Island Marketplace, is a far cry from the $1 billion project planned by developer John Fish before the global financial crisis.
That development was to include up-market retail outlets, restaurants, private school, medical precinct and offices.
Mr Lin purchased the 2.5ha site, at 99-103 Broadwater Ave, for $14.3 million from receivers who took control of the property when Mr Fish encountered problems during the GFC.
Woolworths has committed to lease 4092sq m while Aldi will move into 1596sq m when the marketplace opens in November next year.
There will be another 36 speciality tenancies ranging in size from 17sq m to 550sq m and 484 carparks.
ADCO Constructions the builder.
LJ Hooker Commercial Gold Coast’s Ashley Moffat and CBRE Gold Coast’s Rudi Scutti and Cody Buck are handling the leasing negotiations.
Mr Moffat said there has been strong interest in the centre, with 70 per cent of tenancies under offer.
Mr Scutti said Hope Island is an affluent fast-growing suburb where the average income is 21 per cent higher than the national average.
Mr Scutti said annual retail expenditure in the main trade area is estimated at $372 million per year and forecast to grow to $633 million by 2026.
“Given this strong projected growth, we have a diverse range of ambitious retailers wanting to secure a prime position.” is