Supermarket giant Coles snaps up new Gold Coast site
A Gold Coast suburb could be getting a new shopping destination after a supermarket giant splashed out $7.2m on a prominent site.
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SUPERMARKET operator Coles has been shopping at Varsity Lakes and slipped a $7.2 million property into its development trolley.
The 1 Bellvue Dve property, which fronts Main St and is known as RP1, is a former home of another retailer, surfwear company Billabong International.
Coles has not given any indication of its plans for the site or when it might be redeveloped.
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A spokesperson yesterday said Coles was constantly evaluating its store network to ensure it was delivering the best shopping experience for its customers.
“We’ll be sure to keep the Varsity Lakes community informed on any future plans for their area.”
The 8670sqm RP1 site is occupied by a three-level building that in January became home to new independent school group Mastery Schools Australia.
Coles has bought the property from the Mango Hill-based Cornerstone Building Developer group, headed by Simon Heazlewood.
Cornerstone bought it from the listed Abacus group for $6.75 million in late 2019.
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The property was developed by Varsity Lakes developer Delfin Lend Lease in the late 90s and designed in a campus style, with a corridor bisecting the building.
It was to be part of a research and development area and was at one point leased to an arm of telco AAPT.
Billabong took a five-year lease on the building in 2005, when it was owned by the Weinert Group, but the property sat empty for three years after Billabong moved out.
RP1 was sold to Abacus for $11 million in 2007.
Originally published as Supermarket giant Coles snaps up new Gold Coast site
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