$20m Southport Centre Fuels Growth

A MAJOR thoroughfare in Southport is set to gain a $20 million convenience shopping and services centre.

The centre is being developed by Brisbane-based Empirica on land in Olsen Ave, close to its junction with Southport-Nerang Rd, where siteworks are under way.

The 8909sq m parcel was purchased for $4.95 million in 2015 as part of a strategic vision to establish a precinct to service commuters, area residents and commercial traders.

The Southport project is one of two convenience centres to be developed on the Gold Coast by Empirica.

The company in January unveiled plans for a $20 million Shell-anchored service centre at East Coomera after outlaying $6 million for Lot 10 Pacific Hwy.

The 3.39ha property was acquired in the wake of Empirica gaining city council approval for the project.

Construction of the East Coomera facility is scheduled to begin in the near future.

Viva Energy, formed by the merger of Shell and Vitol, has committed to a 15-year lease with options for the property.

It is close to Coomera train station and the site of the planned Coomera Town Centre shopping and entertainment precinct, being developed by listed company Scentre.

Empirica’s planned Southport centre has attracted a number of blue-chip tenants including Shell and KFC, both of which have agreed to 15-year leases, and Starbucks, which has secured a 12-year lease.

The site of the Southport facility , to be known as Servico on Olsen, was chosen due to substantial infrastructure upgrades in the area.

“Olsen Ave is undergoing a major transformation, morphing from a traditional industrial precinct into a thriving retail strip” said Empirica director Matt Volk.

“Upgrade works to Olsen Ave are in progress; the road is being widened to six lanes and a signalised intersection is being installed to enable ease of movement into and out of the Servico on Olsen site.

“The upgrade was one of the main drivers attracting the major tenants — Shell, KFC and Starbucks.”

Mr Volk said some 43,000 vehicles use Olsen Ave each day and the number is set to increase substantially in the near future.

Olsen Ave is the main route connecting the Commonwealth Games Village at Southport and Metricon Stadium at Carrara, generating demand for additional amenity along the corridor, he said.

Lizzie Wheeler, associate director of retail for Knight Frank Gold Coast and leasing agent for Servico on Olsen, said strategic site planning has resulted in excellent signage opportunities for retailers, and convenient site ingress and egress, “both of which are critical in ensuring long-term success for convenience centres” .

Servico on Olsen has tenancies ranging from 60sq m to 900sq m for lease.

Ms Wheeler said the tenancies present an outstanding opportunity for food retailers and other service providers seeking well-trafficked and easily-accessed spaces.
Source: Gold Coast Bulletin 7 April 2017

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