CVS Lane Capital Partners and Consolidated Properties Group have started construction on the $60 million redevelopment of the Pavilions Palm Beach centre.
The neighbourhood centre was jointly acquired by the partners in December 2017 as part of the rapidly growing retail partnership formed in 2015. The partnership has committed to delivering a pipeline of $400 million in new retail centres in the coming years.
“The redevelopment of Pavilions Palm Beach aligns with our retail portfolio strategy that focuses on the development and ownership of neighbourhood centres in high-growth regions along the eastern seaboard,” CVS Lane Capital Partners managing director Lee Centra said.
Consolidated Properties Group executive chairman Don O’Rorke said the expanded centre will feature a full-line Coles supermarket, which has sign new 15-year lease.
CBRE Gold Coast leasing agents Rudi Scutti and Cody Buck have been engaged to secure further new retailers for the centre.
Initial construction works by Hutchinson Builders will build the new 3,700sqm supermarket to relocate Coles and additional basement car park, before refreshing the existing centre. Operation will not be impacted at the centre. Construction is due for completion in early 2019.
Australian Property Journal
