Source: Gold Coast Bulletin
The renaissance of Palm Beach is gathering momentum with the opening of stores at Pavilions on 5th.
A 2500sqm Coles supermarket was the first outlet to open its doors at the project's retail precinct, which sits at the base of two seven-level buildings.
The $120 million mixed-use development, being undertaken by Australian Property Growth Fund, is taking shape on a 9820sqm site bordered by the Gold Coast Highway and Fourth and Fifth avenues.
The shops are the first stage of a major precinct planned for the site, which formerly housed the Palm Beach Plaza shopping centre and will eventually feature 5000sqm of retail space topped by 194 apartments.
Opening along with the Coles supermarket were a Liquorland outlet, a hair and beauty salon, pharmacy, newsagency, drycleaners, shoe repair shop, bakery and cafe. Prima Hair and Beauty, operated by Wendy and Jerome Marron, has signed a five-year lease for a 83sqm shop in the retail precinct. Guardian Pharmacy, which also opened this week, took a 125sqm space on a temporary lease at $425/sqm. The pharmacy will move into a 250sqm shop once the second stage of the retail precinct is completed.
Development manager Mark Rundle, of APGF, said most former Palm Beach Plaza ret-ailers would take space in the new centre, which is expected to completed by the end of 2010.
"This is a clear indication they share our belief in the future growth of the Palm Beach market," said Mr Rundle.
The initial stage of the project's 180-vehicle basement parking area has opened, providing 94 spaces. It is accessed via Cypress Terrace.
The Coles store is double the size of the Bi-Lo which formerly occupied the site.
by David Hamilton Shops open at Pavilions on 5th - Palm Beach
palmbeachfn.com.au February 2009