Surfers Paradise Chevron Renaissance sold for $73.2 million

Surfers Paradise Chevron Renaissance sold for $73.2 million
Jonathan ChancellorDecember 7, 2020

The Chevron Renaissance shopping centre at Surfers Paradise has sold to private investment company Precision Group for $73.2 million.

The centre has 13,127 square metres gross lettable space with car parking for 299 vehicles.

The centre features a Coles supermarket.

Max Brenner and Liquorland are among the 57 specialty tenants.

There are 20 commercial office suites.

Simon Rooney and Chris Key at JLL were appointed by Arena to sell the Chevron Renaissance.

Colliers recently noted, with the completion of the light rail mid-way through last year came renewed interest in Surfers Paradise with a swag of recent leasing deals for both retail and office space.

The EG Funds owned buildings, The Forum and Paradise Avenue have generated a flurry of recent deals totalling 1,098sqm of retail and 500sqm of office space leased.

Colliers agent Jason Martin (left in pic) said rates in the centre range from $600 to $800 per sqm.

Colliers agent Ed Howard said in the last six weeks, approximately 500 square metre of office space has been taken in three deals in the Forum including a 314 square metre full floor lease on Level 4 to marketing group XL Marketing.

"The promotional rate for both the Forum and Paradise Avenue is asking only $280 + GST gross (including outgoings) per sqm per annum, PLUS rent free incentives making this space some of the best value for money offices available in the city."

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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