Prolific developer, Consolidated Properties Group, has confirmed that they have entered into an agreement to acquire the Pavilions Shopping Centre at Palm Beach, Gold Coast, with a view to undertaking a significant expansion of the Coles anchored centre.
Consolidated Properties Group Executive Chairman, Don O’Rorke, said “The centre has been jointly acquired with CVS Lane Capital Partners and will form part of the rapidly growing retail partnership that was formed between the two groups in 2016, and which has acquired several retail development projects”.
It is expected that Hutchinson Builders will commence construction on behalf of the partners by early 2018.
Consolidated Properties Group has appointed CBRE Gold Coast to undertake specialty leasing for the project. Rudi Scutti and Cody Buck from CBRE will have responsibility for the leasing of the specialty tenancies at Pavilions.
Mr O’Rorke stated, “The decision to acquire the centre and embark on the project was driven by our strong relationship with Coles and their desire to significantly expand the size of their offer to comprise a brand new 3,700 m2 latest generation supermarket.
In addition, we saw this as a great opportunity to capitalise on the dynamic retail and food and beverage offering that has emerged in Burleigh Heads and throughout the southern parts of the Gold Coast”.
Consolidated Properties Group intend on delivering another high-quality retail environment, focused on convenience which will include doubling the current car parking provision.
Completion of the project is expected in early 2019.
Consolidated Properties Group is a privately owned development company, specialising in retail, commercial and residential projects, spanning Australia’s eastern seaboard, with a current development pipeline totalling over $2.1 billion.