Cotton On Mega continues expansion with Gold Coast flagship site lease
Fashion brand Cotton On Mega has continued its national expansion, this time securing a lease for a three level retail premises on the Gold Coast for its new flagship store.
The new store is located in the heart of Surfers Paradise, at 29 Cavill Avenue, and is about 1,692 square metres in size.
Savills Australia retail director Michael Di Carlo brokered the deal with colleague, Avian Weber, associate director at Savills Gold Coast,
The lease is for 10 year lease and the rent is believed to be $700 a square metre over the whole building.
Cotton On Mega is due to open the new flagship store in early to mid-2014.
Mr Di Carlo said Savills Retail had advised the lessor, a Melbourne-based investor, on the purchase of the property with vacant possession in 2012 and that the new lease would deliver the landlord in excess of a 10% return and an increase in value of over 25% of the initial purchase price.
Mr Weber added that the Cotton On Mega deal represented the largest retail lease negotiated along Cavill Avenue in the last decade.