Property agents are seeing a glut of empty retail space in Beenleigh as an opportunity to shape the future of the town’s CBD.
They’re saying quality vacant space is an opportunity to attract a high calibre of tenant that makes Beenleigh’s CBD an attractive go-to point.
Hub Commercial manager Mark Osmond said there was a current push to attract tenants to a new Savages Arcade.
There are spaces ranging from 40sqm up to 270sqm, and Mr Osmond says the focus is on retailers such as a high-end florist, an artesian-style bakery “where people can buy hot, crispy sourdough” and where the smells drift through the arcade.
He says a delicatessen with select prosciutto and other meats, a selection of olives and cheeses from around the country would work well, as would a micro-brewery.
A jeweller and a hairdresser would also be ideal, he said.
Across the road, there’s a coffee shop up for grabs, and on the corner there’s an opportunity for a restaurant to take hold where Montezuma’s formerly sat.
“Imagine, if you had somewhere that was popular at night, there’s 100 carparks that are empty of a night, and they’re right next door,” he said.
“It’s a terrific opportunity.”
The Savages Arcade development rests in the hands of well-known Beenleigh developer and real estate agent Tony Pennisi who is promising to undergo the development required alongside a 50% tenancy commitment.
It’s a good deal, says his agent, who highlighted the money it would take to construct a venue with the modern look and feel to house such high-quality tenants.
“It’s not a cheap exercise, but there are plenty of people who want to see Beenleigh do well,” Mr Osmond said.
There are still empty so-ho style office-living apartments at the York building just around the corner, and the the old LJ Hooker office in City Road recently was recently pinned with a “to let” sign on its front window.
Rumour on the street is that Australian Unity’s office fund, which bought York for $31 million, might be looking to sell. That’s yet to be confirmed.
One white elephant which remains in the room is the potential works required to divert a rail line through the heart of the city.
It could take years to complete, heartbreaking for those on Logan City Council who spent the money to make Town Square an attractive spot for markets, movies and activities.
While there are some unknowns, Mr Osmond says it’s time to take a look at the opportunity the current scenario brings.
“If you do the sums on some of the retail opportunities based on current prices, there’s a goldmine to be had,” he said.
“Let’s bring some retail back into the street (City Road) and make Beenleigh the thriving hub of activity it deserves to be.
“It’s not often that as a business you can determine how much space you need and be in a position to make a deal that suits your business case. And that’s exactly what people can do at the moment.
“It won’t be like that for long. A lot of these places have only just become available, and when you’ve got developers willing to invest in quality space, it’s a wonderful opportunity – an opportunity to shape the future of Beenleigh.”
Mr Osmond said Savages Arcade had the potential to be a showpiece of the city, and only the right type of business would be considered.
“This needs to be the right mix, and that’s exactly what we’re looking for when seeking expressions of interest for this space,” he said.
“We want this to be a place where people want to come, want to visit, and can gain a great shopping experience that ties in with all the things around it – new restaurants, new shops, new energy.”
Mr Osmond said there were already positive, albeit confidential, discussions being held for a variety of new business in Beenleigh.
