The lease was negotiated by Comac after it was appointed by Abacus Property Group to oversee the repositioning and remix of the well-known, but ‘tired centre’, soon after it was purchased in March 2015.
Oasis is a three level sub-regional shopping mall in the heart of Broadbeach, a popular tourist destination for Australian and international travellers experiencing approximately 6.8 million visitors a year. The property is 40 per cent owned by Abacus in joint venture with global investment firm KKR.
Comac managing director Michael Haddrick said the Cotton On deal will help with the balance of the leasing required to complete level one, which will include 14 tenancies. The centre has had a $35 million refurbishment including an upgrade of common mall finishes, flooring, lighting, columns and amenities including a new parents room.
Cotton On is expected to open before Christmas 2017 with lease extending to 2027.
As part of the upgrade existing tenants were required to refit their stores and new tenants have been slowly introduced throughout the centre.
The existing Woolworths will also undergo a refurbishment scheduled to commence in February 2018 and due to be completed by June 2018.
The centre is anchored by a Woolworths, new Priceline and BWS with a major restaurant precinct now fully completed and open in time for Christmas and next April’s Commonwealth Games..
Haddrick added the stage one development, completed last year, expanded the centre to Surf Parade to increase visibility with new pylon signage. He said the introduction of The Loose Moose Tap and Grill House has been “incredibly successful and the Commonwealth Bank which relocated into the Centre has also been a strategically important new tenant.”
Stage two saw the refurbishment and replacement of all the restaurants along Victoria Mall with the 1980s canopies replaced with contemporary timber and glass and all new finishes.
Local icon Mario’s refurbished and extended while new restaurants including Harajuku Gyoza, Main Street Burger Bar, Beachside Pavilion, Junk and the soon to open Elk created a new level of excitement in the street.
Stage three saw the ground floor reconfigured and the removal of escalators and footbridges blocking sight lines as well as the addition of a new mini major Priceline.
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