Servico on Olsen, a prime retail precinct in Southport has officially opened its doors to public on Tuesday 24 October.
Developed and owned by Empirica Developments, the 8,909sqm site at 501 Olsen Avenue comprises three anchor tenancies which have already been committed to by Shell Coles Express, KFC and Starbucks restaurants and drive-throughs on 12 to 15-year lease terms. This is also the first Starbucks drive-through on the Gold Coast.
Kelly Buxton of Colliers International and Lizzie Wheeler of Knight Frank are marketing the development on behalf of Empirica Developments.
The most recent lease was negotiated by Miss Wheeler for Burger’d who was quick to secure a 64sqm tenancy on a 7-year term. Miss Wheeler, who was involved with the project during the design phase said
“Since the buildings and national tenant signage have been erected, we are seeing an influx of interest on the site.
“Tenants are also acting fast now that the new signalled intersection is operational, providing direct access into the precinct from 7 lanes of traffic”, Miss Wheeler also said.
There are nine additional shopfronts onsite which range in size from 62 sqm to 174sqm or can be combined to create larger tenancies.
Ms Buxton said that for the remaining opportunities, they are looking for quick service food and beverage tenants such as fish and chips, pizza and sushi operators.
“Three of the larger available tenancies are medically approved so we can also accommodate those type of services as well as health and recreation operators,” said Ms Buxton.
“Servico on Olsen is perfectly positioned on a busy Olsen Avenue which accommodates an average daily volume of 45,000 vehicles a day, connecting the M1 Motorway to Ashmore Road in both south and north bound directions,” said Matthew Volk of Empirica Developments.
“We have chosen this location due to the expected population growth in the area and want to ensure our customers have quick and easy conveniences on hand as they pass through on their way to work, school, university, hospital or as visitors to Gold Coast and the upcoming 2018 Commonwealth Games.
“State Government is also accommodating this growth, and as part of their $160.7m funding announcement is investing into widening of the Olsen Road to six lanes. Another reason is that this will be the main thoroughfare of transportation to and from the Games,” Mr Volk said.
Empirica Developments is a privately-owned development company based in Brisbane who has a diverse portfolio of retail, commercial, industrial and residential projects across Queensland.