A luxury retail and dining destination in one of the Gold Coast’s most prestigious suburbs is being brought to auction.
Located at 4 Panitz Street, Sorrento, Riviera Plaza is being brought to market by Ray White Commercial QLD agents Lachlan O’Keeffe, Michael McCullagh and Michael Feltoe.
After acquiring the centre in 2020, experienced retail developers Twenty Six Street undertook a multi-million dollar renovation, transforming the property into a state of the art, luxury asset. The plaza is underpinned by a 10-year lease to famed Italian restaurant group Gemelli with their Roy’s by Gemelli restaurant.
“With over $3.5 million spent on the renovation, the asset is now in a position to be low-maintenance and benefit from the long-term tenants, with further opportunity to redevelop the centre at a later time,” Mr O’Keeffe said.
“The centre is zoned with the opportunity for basement and residential floors above, however, it currently sits as a one floor luxury retail and dining centre, reflective of its premium location.”
The centre is situated on a commanding 2,258sqm island site in the heart of Sorrento, one of the Gold Coast’s most premium suburbs, just 3km from Surfers Paradise and Broadbeach, with a median income 42 per cent greater than the Queensland average.
Anchor tenant Gemelli are supported by a complementary mix of longstanding and vibrant tenants, including dining and allied health, providing a strong 6.73 year WALE, which Mr McCullagh said made for a thriving centre,
“With an established tenancy mix that has been beloved by locals since 2009, the centre offers a real sense of community day and night,” he said.
“With these tenants set to be here for years to come, families in particular will be able to continue loving its relaxed and welcoming atmosphere, enhanced by the sub-tropical design of the centre and the public park located next door.”
Riviera Plaza is for sale via auction on 21 July at 9:45am at Level 26, 111 Eagle Street, Brisbane City.