Continued growth in Australia’s large format retail sector has sparked construction of the new Home + Life Robina Centre on the Gold Coast.
On track for completion in August, the Home + Life Robina Centre is a 14,770sqm large format retail complex located in heart of the Gold Coast’s prime retail precinct and located in close proximity to the Super Regional Robina Town Centre.
CBRE’s Damian Crocetti and Andrew Brimson are exclusively appointed to lease the complex, with pre-committed tenants including The Reject Shop, Pet Stock, Toys & Babies R Us and Kitchen Connection. Additional brands will be announced over the coming months.
Mr Crocetti said the centre presented an outstanding opportunity for retailers to secure a presence in one of the Gold Coast’s strongest shopping hubs.
“The Home + Life Robina Centre will create exciting new opportunities for retailers looking to expand their existing footprint in Queensland, or for new brands keen to secure their first outlet in an established and growing market,” Mr Crocetti said.
“Existing showroom locations in surrounding areas of Southport, Bundall, Ashmore/Nerang and Burleigh Heads give retailers little choice in terms of new quality showroom space, with some markets quite fragmented and intermixed with more industrial type users that are not complementary for certain brands.”
The Robina Town Centre, which opened in 1996, is the largest retail centre on the Gold Coast, as well as being ranked amongst Australia’s top 10 centres.
QIC Real Estate Managing Director Steve Leigh said the commencement of construction on the project highlighted strengthening confidence in the Gold Coast’s vibrant retail market.
“Home + Life Robina will provide an opportunity to bring an even broader offer to Robina Town Centre, and make it easier than ever for customers to fulfil all of their shopping needs in one convenient location.”
The upcoming opening of the Home + Life Robina Centre follows a strong year for Australia’s large format sector, with a boom in home renovations helping drive consumer demand for household goods.
“The centre is servicing a major segment of the retail market, which currently comprises large format retail spending of approximately $939.6 million nationally – and forecast to grow to $1,302.9 million by 2025/26,” Mr Crocetti said.
Mr Crocetti said higher house prices and the lower interest rate environment had sparked an increase in the number of people looking to upgrade their existing home.
“The uplift in household goods spending continues to support a strong base for retail growth, with many operators looking to expand with either larger stores or additional outlets in new locations.”
The Home + Life Robina Centre benefits from a central location in one of the Gold Coast’s fastest growing suburbs, servicing a catchment with a population forecast of 337,185 by 2026.
Remaining showrooms for lease at the centre range from 304sqm to 3,000sqm.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
