Meriton to turn struggling retail space into units

FOUR shops will be scrapped from a Gold Coast tower complex owned by Australia’s second richest man.

“Highrise” Harry Triguboff’s company Ka rim bla has filed plans with the Gold Coast City Council to scrap the retail spaces on the ground level of his Meriton Pegasus towers in central Broadbeach.

They will be replaced by eight studio units. The towers, completed a decade ago, sit on the Gold Coast Highway opposite The Star casino and near Pacific Fair.

But Meriton says the complex’s proximity to these recently upgraded facilities is making it harder for businesses to stay afloat.

“Reasoning for the proposal is that the commercial tenancies at the site have suffered from lack of demand for retail use, with this situation having worsened over time, particularly given increased commercial competition from destinations such as The Star … Oracle and the recent expansion and refurbishment at Pacific Fair” a planning report to council says.

“Consequently the retail tenancies … have struggled to attract sustainable tenants and are experiencing increasing vacancy rates, thereby not contributing to a positive streetscape character.

According to plans filed with the council, the eight studio units would be one bedroom each and have private terraces.

The plans comes as The Star moves forward with its multi-billion masterplan.

The casino complex’s $450 million third tower is under construction while it is also moving forward with a fourth.