Commercial & Industrial Property News Update

Australia - Hutchinson Builders Commence Construction Of 6,070 sq m Commercial Block

October 24, 2012

A new commercial and retail property is set to commence development on the Isle of Capri as the final stage of one of the largest commercial and retail projects on the Gold Coast.

The Isle of Capri will soon see the addition of a retail and commercial component to one of the largest commercial projects on the Gold Coast.

Developer Hutchinson Builders said that final stage construction for Capri on Via Roma has commenced and is expected to be completed next October. The firm has moved onsite to demolish the remaining buildings in preparation for the construction of a commercial complex with basement parking facilities.

Once completed, the prime retail and commercial hub will feature about 60 retail and commercial units totalling 6,070 sq m. There will also be 261 parking spaces.

According to Knight Frank, the retail units will come in a variety of configurations, ranging from market kiosks to waterfront cafes, and will be sized from 30 sq m to 1,076 sq m. Also included would be a providores market hall containing a mix of quality artisan food operators and a fresh food and produce supermarket spanning 1,079 sq m.

Meanwhile, commercial offices will also be available, ranging from 45 sq m to 700 sq m, some with water and city views.

Hutchinson Builders owner Simon Harvey said that the construction of the final stage of Capri on Via Roma was delayed by six months so as to allow his family and Knight Frank to secure the preferred mix of tenants.

"We were not prepared to fill the centre with standard conventional retailers, which we could have done three times over," Harvey said. "Instead we patiently pursued and worked with our preferred tenant mix and operators to reach agreements that both parties were happy with, and while this took a little longer than expected, the centre will strongly benefit in the future."

Describing the launch of the final stage of construction as a milestone, Harvey said, "We are very pleased with the level of inquiry, and particularly the quality of the tenants we have been able to secure."

"The project has already proved a leasing success in a constricted market, and this is continuing."

"We encourage locals to support their local traders, with some operators trading in the Old Capri Commercial Centre for about 30 years. It's business as usual, and we are excited to bring the vision and final construction phase to fruition," he said.

The development has already stirred up interest from investors. "Already more than 65% of the project has been secured, with the remaining spaces expected to attract a rush of inquiries now that construction works have commenced and a pre-Christmas 2013 completion date confirmed," Harvey noted.

Knight Frank associate director of retail leasing Ashley Moffat said, "Our focus has been on working with the 'best of the best' local retailers. The project is being supported by iconic Gold Coast retailers, along with a select few businesses from Brisbane. We have hand-picked retailers we want -- florist, deli, bottleshop, to name a few."

Tags: Commercial real estate, Shop for rent, Office for lease


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