WORK SET TO START ON PAVILIONS PALM BEACH
DEVELOPERS broke ground yesterday on the second stage of the Pavilions Palm Beach project — eight years after the original plans stalled.
Brisbane-based Consolidated Properties Group, headed by executive chairman Don O’Rorke, and Melbourne-based CVS Lane Capital Partners, led by managing director Lee Centra, have partnered on the expansion of the retail centre.
It follows settlement of the purchase of the existing shopping centre at 6 Fifth Ave for $10.075 million.
The plan is for the existing shops to be retained while the Coles supermarket will be split into a number of smaller tenancies.
A new so-called ‘full line’ Coles store, as well as additional shops fronting Gold Coast Highway, will open in its place next to Pavilions on a vacant 4391sq m block.
The vacant land was earmarked for stage two of the Pavilions project, intended to start in 2010, and to include 90 apartments.
The start was aborted in the wake of slow sales of apartments in stage one, which included two apartment buildings as well as a retail component featuring a Coles store, and nine specialty retailers.
Yesterday a sod-turning ceremony, attended by Mr O’Rorke, Mr Centra, and Hutchinson Builders chairman Scott Hutchinson, was held to mark the start of construction.
However, work won’t begin until after the Commonwealth Games, which finishes on April 15.
Mr O’Rorke, said the refreshed centre would be a major boost to the Palm Beach area.
“Pavilions Palm Beach will be an active contributor to the local economy as well as providing the community with a leading retail environment,” he said.
“It is expected the centre will create 150 jobs during construction and an additional 20 jobs for Coles, which has committed to a new 15-year lease.
“Palm Beach is emerging as the Gold Coast’s new foodie hub and this injection of new retail and restaurants supports what the population and visitors are looking for.”
Initial works will focus on construction of the new 3700sq m Coles supermarket before the existing centre is refurbished. Construction is due for completion in early 2019. Consolidated Properties Group and CVS Lane Capital Partner plan to retain ownership of Pavilions Palm Beach.