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Construction Under Way on New Hope Island Shopping Centre

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Construction is now under way on the Hope Island Marketplace shopping centre which will deliver a retail destination to residents and visitors in the popular northern Gold Coast location.

The new development will feature approximately 10,000sq m of retail space and has already secured pre-commitments from major supermarket chains, Woolworths and Aldi, supported by a quality mix of specialty retail, commercial and dining tenancies.

Hope Island Marketplace will be the only dual supermarket offering in the main trade area and will also house the catchment’s only Woolworths and Aldi stores, providing a major boost to convenience shopping services for locals and tourists alike.

It is prominently located on the high-profile intersection of Broadwater Avenue and Mervyn Drive, Hope Island, immediately adjacent to the Hope Island Tavern, a 7-Eleven and McDonalds.

Construction works have commenced onsite and the centre is scheduled to open in early November 2018. Retail spaces in the Austin Property Development project are being marketed by Ashley Moffat of LJ Hooker Commercial Gold Coast together with Rudi Scutti and Cody Buck of CBRE Gold Coast.

In addition to its two secured anchor supermarket tenants, Woolworths (4,092sq m) and Aldi (1,596sq m), the Hope Island Marketplace will also feature up to 36 speciality tenancies, ranging in size from 17sq m up to 550sq m.

The fully air-conditioning shopping centre will feature a vibrant food and beverage precinct, a health and wellness hub, professional services and a fast food precinct serviced by a drive thru facility. There will also be 484 car parking bays onsite.

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LJ Hooker’s Ashley Moffat said there has been exceptionally strong leasing interest in the Hope Island Marketplace, with more than 70 per cent of the development already under offer.

He said this demand reflects the positioning and quality of the project and the attractive demographics of Hope Island and its surrounding catchment area.

“The centre is ideally located in the heart of the rapidly evolving Hope Island community and in close proximity to major arterial roads including the M1 and local attractions such as three international golf courses, marinas, hotels and resorts, and a number of popular master-planned communities,” Moffat said.

“This site has been earmarked for a potential shopping centre development for nearly 15 years and it is very pleasing to see the local community finally getting the quality retail offering they deserve. Hope Island Marketplace will deliver a real point of difference for local shoppers with a true convenience based, community inspired shopping destination.”

Hope Island is located approximately 20km north of Surfers Paradise and is surrounded by a number of prominent master-planned residential communities such as Sanctuary Cove, Hope Island Resort, Marina Quays and Cova Hope Island.

CBRE’s Rudi Scutti said Hope Island is an affluent fast-growing suburb with strong underlying demographics, including an average income per capita 21% higher than the national average.

“The new Hope Island Marketplace is located on a prominent thoroughfare in the heart of this rapidly evolving area, which is set to benefit from continued residential, tourism and retail spending growth,” Scutti said.

“The main trade area population, estimated at 22,870 in 2016, is projected to increase to 29,000 people by 2026. Neighbourhood centres with major full-line supermarkets typically serve a population of 8,000-10,000 people, highlighting the area’s capacity to easily support two new major supermarket offerings. Furthermore, annual retail expenditure in the main trade area is currently estimated at $372 million and is forecast to grow to $633 million per annum by 2026.”

“Given this strong projected growth, we have a diverse range of ambitious retailers wanting to secure a prime position at the new Hope Island Marketplace to capitalise on this and the modern retail facilities and vibrant lifestyle setting on offer.”

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Article originally posted at: https://theurbandeveloper.com/articles/hope-island-marketplace-shopping-centre-cbre