June 24 2019 -
Coles opens next generation store at Pavilions Palm Beach
Coles will open the doors to a new 3,700sqm purpose-built supermarket at Pavilions Palm Beach on the Gold Coast this week (10th July 2019), paving the way for the second stage of the major redevelopment of the neighbourhood retail centre.
The new generation, full-line Coles offers double the floor-space the supermarket previously held in the centre, along with additional basement carparking, allowing it to service the significant growth underway in Palm Beach and its surrounding suburbs.
Coles has signed a 15 year lease on the new premises, with several options to renew, that will see it provide a high quality fresh food and grocery offering to the Palm Beach community for many decades to come.
Pavilions Palm Beach owners and managers, Consolidated Properties Group and CVS Lane Capital Partners, have now pushed the button on the second stage of the redevelopment, which will transform the supermarket’s former space into several specialty stores focused on the medical, health and wellbeing sector.
The project will double the total retail space at Pavilions Palm Beach with builder Hutchinson Builders commencing the next phase of the project in July and the new stage 2 stores expected to open by September.
Consolidated Properties Group and CVS Lane Capital Partners jointly acquired Pavilions Palm Beach in December 2017, as part of the companies’ rapidly growing retail partnership, which is delivering a $400 million pipeline of revitalised centres across south east Queensland.
Coles Regional Manager John Reid said the new store would cater to the needs of the fast-growing Palm Beach community.
“Coles is excited to open a convenient new supermarket for local residents and generate close to 20 new jobs on the Gold Coast,” he said.
“Coles already employs around 1,400 team members on the Gold Coast and the opening of our new Palm Beach store has allowed us to inject more jobs into the region, seeing a number of young people enter the workforce for the first time.”
Consolidated Properties Group Executive Chairman, Don O’Rorke, said the new Coles would be complemented by a range of specialty shops including fresh food, casual dining, medical, fitness and retail services.
“The new-look Coles is a fantastic anchor for our centre and we are already seeing high demand for the specialty retail spaces from operators who recognise the benefit of being located alongside a high quality supermarket in such a high-growth area,” he said.
CVS Lane Capital Partners Managing Director, Lee Centra, said the revitalised centre would support the continued growth of the Palm Beach area, which was tipped to increase from 15,000 residents to more than 20,000 by 2036.
“The transformation of Palm Beach is well and truly underway – you only need to look at the number of apartment projects being constructed to get an idea of the significant boost to come in the local population,” said Mr Centra.
“We have designed the new Pavilions Palm Beach to enhance the retail and dining offerings available in the surrounding area, and to add a new level of convenience for residents and visitors.”
The majority of the specialty retail spaces have been leased with only a few tenancies remaining. CBRE Gold Coast leasing agent Cody Buck is managing the leasing campaign for the remaining speciality spaces and can be contacted on 0432 407 202 for more information.