Final tranche of retail space in beachfront development up for grabs
March 14, 2012
The final tranche of retail spaces in the highly successful Reflection Tower 2 (“Tower 2”) development in Coolangatta are now being offered to the market, with Colliers International appointed to sell the seven shops across 9 strata lots.
Reflection Tower 2 is a mixed-use development at 110 Marine Parade comprising one residential tower with a total of 128 apartments and retail space along the ground floor, wrapping around Marine Parade, McDonald Street and Griffith Street. The development is just 75 metres to the Coolangatta foreshore and 3.6 kilometres south of the Gold Coast Airport.
Stewart Gilchrist and Leonie Smith of Colliers International are marketing the remaining seven retail opportunities, situated across 9 strata lots, in the development via an Expression of Interest campaign on behalf of receivers and managers, KordaMentha.
Offerings of the retail opportunities in Reflections on the Sea (“Tower 1”) and Reflection Tower 2 have been split into three, with the first and second lots already going to the market in highly successful campaigns marketed by Colliers International. While retail in the first and second offerings stretched from Marine Parade and into McDonald Street, the remaining seven shops across nine strata lots start from halfway along McDonald Street and wrap around into Griffith Street, the main street of Coolangatta, underneath Reflection Tower 2.
The seven tenancies now being marketed range from 30 sq m to 110 sq m, providing a total gross lettable area of 513 sq m with an additional 212 sq m of alfresco space, and are being offered for sale in one line or individually.
Five of the shops are currently tenanted, while two are vacant. Tenants include Ona Coffee, BWS, Coastal Space and the Things We Love, 7-Eleven and Kamikaze.
Expressions of interest for the final seven shops in Reflection Tower 2 close Wednesday, March 28.
Ms Smith said it was expected there would be strong interest for all of the final tranche of retail lots in Reflection Tower 2, noting that the national brands of BWS and 7-Eleven, which have been long-term tenants, were already generating strong interest from across Australia.
“We have had over 120 enquiries for the first two retail offerings in this development and we expect the third offering to be no different,” she said.
“We are finalising contracts for the seven shops in Tower 1 offered for sale at the end of last year and expressions of interest have just closed for the first 10 retail lots of Tower 2 offered at the beginning of this year.”
Mr Gilchrist said the property presented an excellent opportunity for either local or national private investors to capitalise on the significant tourism and residential market in the area, as well as the prime position of the property.
“Coolangatta attracts Tweed and Gold Coast locals, as well as those from Brisbane, and has long been a nucleus for holiday makers across Australia and internationally,” he said.
There is a wide range of commercial activities, retail shops, offices, entertainment, community services, and tourist accommodation surrounding Reflection Tower 2 and the development will benefit from urban renewal in the area, as well as transport infrastructure projects.
The area directly opposite the development is included in the Coolangatta foreshore Masterplan, a $9.68 million project that seeks to improve open space and parkland for families, and the Gold Coast Rapid Transit network will eventually go to Coolangatta, improving access to and from the area.
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