Tale of two streets sees Cavill Lane still struggling
AN ASIAN food precinct has failed to turn around the fortunes of a struggling retail hub in Surfers Paradise plagued by closures and empty stores.
Property investor and football fan Phillip Wolanski and his Sydney-based Denwol group bought the retail and office area at the base of the Hilton towers in 2016.
They engaged Brisbane entrepreneur David Wu the next year to bring his 8 Street Asian food precinct to Cavill Lane as a foodie destination.
Tenancies in Cavill Lane have proved difficult to fill in the past due to problems with wind and poor light in the corridor. The 8 Street precinct never opened after the relationship between Denwol and Mr Wu soured, with the former deciding to go it alone with its own project called Chop Chop.
But three years on Chop Chop has failed to deliver a revival to Cavill Lane.
The Bulletin visited the precinct this week to find numerous vacancies and empty stalls for lease. The emptiness is in stark contrast to 8 Street at Harbourtown, which is packed for the lunch trade.
A source who has worked with Denwol on its leasing
strategy said the product was not the issue but the “shopping centre rents” upwards of $60,000 a year for a small stall. It was not sustainable for small businesses uncomfort
able with forking out more than $1000 a week in rent, the source said.
In addition, he said Harbourtown had anchor tenants including Woolworths and JB
Hi-Fi to pull in strong foot traffic that could be leveraged by the 8 Street eateries.
The Bulletin understands Denwol is rethinking its leasing strategy in 2021 although
it declined to comment. Leasing agent Steven Black, of Retail Direct Property Group, also declined to comment.
Chop Chop tenants include Filipino dessert outlet Noypi
Halo Halo, Korean Kitchen, Kathmandu Momo, Yum Cha Noodle Haus, Sharetea, and others. Denwol is a Sydneybased diversified property group owned by Mr Wolanski.