COTTON ON SIGNS MEGA DEAL
20 November 2013,
FASHION brand Cotton On will open in Cavill Avenue, Surfers Paradise next year.
Cotton On has reportedly signed a 10 year lease on the three-level, 1692 square metre property to house a Cotton On Mega outlet.
According to Savills Australia, who negotiated the lease, the brand was attracted to the site by the rapid transit which will connect Surfers Paradise to Southport and Broadbeach, as well as a dropping dollar which is predicted to increase tourist numbers.
Savills Australia retail director Michael Di Carlo says the rental price was not disclosed however it is believed to be $700 per square metre over the whole building.
He believes it is expected to deliver in excess of a 10 per cent return to the lessor, a Melbourne-based investor, who purchased the vacant property in 2012.
Savills Gold Coast associate director Avian Weber says the 2018 Gold Coast Commonwealth Games, Cavill Mall upgrade and new foreshore, proposed Southport China Town, university expansions, the Gold Coast University Hospital and NBN network access also attracted Cotton On to the site.
He expects the confidence shown by the national fashion brand to have positive flow on affects to the Gold Coast retail market.