Queen Street Village: Future of $500m Gold Coast development projects after company collapse
The supermarket at the heart of a troubled Southport shopping centre is finally set to open after months of delays. Here's when you'll be able to pass through its doors.
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THE fortunes of troubled new shopping centre Queen Street Village is turning, with its centrepiece retailer finally opening.
The giant IGA supermarket in the $500m complex will welcome its first customers at 9am on October 19, nearly 18 months after the centre’s first stage was expected to be completed
Staff are working rapidly to complete the fit-out and pack its shelves before opening day.
It will join already open vendors including Hanaromart, Dendy Cinemas, The Fish Tank, Greencross Vets, The Thirty Two dentist, EMF and Freedom Suites.
The complex, which had its first sod turned in March 2020, has been beset by delays and difficulties stemming from Covid-19, poor weather and material shortages.
It comes weeks after the company behind the Southport project collapsed.
Nerang Street Pty Ltd, linked to Brisbane-based company Property Solutions, called in administrators late last week, with funding problems and the economic impact of Covid-19 blamed for its failure.
Plans for a 19-storey, four-star Mercure hotel on the site, pitched by International accommodation giant Accor, have been put on hold.
Announced in early 2018 with a planned 2019 opening date, it was to feature 160 rooms, conference facilities, a restaurant and bar, and a rooftop bar overlooking Southport with views to the Broadwater, but ground was never broken.
However, developers behind a twin tower project planned within the new $500m Queen Street Village shopping centre will push ahead with the concept.
Despite the company’s struggles, aged-care giant Bolton-Clarke has revealed it will proceed with its $120m twin-tower vertical retirement village within the project site.
Bolton Clarke property general manager James Mantis said it would “most certainly” build the 19 and 30-storey towers.
‘Doomed from start’: How $500m Coast shopping centre can survive
GOLD Coasters have weighed in on the future of a $500m shopping centre after the company behind the Southport project collapsed.
Nerang Street Pty Ltd, linked to Brisbane-based company Property Solutions, called in administrators late last week, with funding problems and the economic impact of Covid-19 blamed for its failure.
While work continues on the first stage of Queen Street Village, Bulletin readers have weighed in on the complex’s future.
Cameron said the “ambitious project” could work.
“The receivers should consider recapitalisation of the company and debit reduction - That might leave current share holders with diminished equity but at this stage looks like zero,” he said.
“Given the secured nature of some of the creditors there’s hope as some of those are experienced in ownership and running of those types of assets.
“Unfortunately the retail components will struggle until the hotel, residential and retirement components are built and occupied.
“Recapitalisation and debit reduction will see it survive. Depending on the creditors a debit for equity swap plus a capital raise should see survival.”
Jon & Lou wrote: “I think the idea with retirement age group is good and a mix in more accommodation is a no brainer. The area needs more promotion push the theatre.”
Others were less sure of its fate.
V of R wrote: “The shopping and restaurant precinct was doomed from the start, as there is adequate provision at Australia Fair - a superior location; probably one of the best on The East Coast.”
Future of Coast shopping centre.
PLANS for a four-star hotel inside the new $500m Queen Street Village shopping centre have been put “on hold” after the collapse of the company behind the retail and dining precinct.
Nerang Street Pty Ltd, linked to Brisbane-based company Property Solutions called in administrators late last week, with funding problems and the economic impact of Covid-19 blamed for its failure.
Creditors met on Tuesday to decide whether to liquidate the company, while work continues to complete the centre’s first stage.
International accommodation giant Accor has proposed a 19-storey, four-star Mercure hotel for the site’s northwestern sector.
However, an Accor spokeswoman confirmed the project has now been “put on hold”.
Announced in early 2018 with a planned 2019 opening date, it was to feature 160 rooms, conference facilities, a restaurant and bar and a rooftop bar which will overlook Southport with views to the Broadwater.
However ground has never broken on the tower, while construction of Queen Street Village itself did not begin until March 2020, just days before the first Covid-19 lockdown began.
It comes as developers behind a twin tower project planned within the new $500m Queen Street Village shopping centre will push ahead with the concept.
Despite the company’s struggles, aged care giant Bolton-Clarke has revealed it will push ahead with its $120m twin-tower vertical retirement village within the project site.
Bolton Clarke property general manager James Mantis said it would “most certainly” build the 19 and 30-storey towers.
“The project recently secured planning approval to add more apartments to the retirement village towers due to strong buyer inquiry,” he said.
“Bolton Clarke is evaluating the Gold Coast construction market ahead of proceeding to appoint a builder.
“(We) will most certainly be proceeding with the proposed retirement community as there is significant demand for an innovative seniors living development that provides a plethora of health, wellbeing and care options and which is set among the exciting Queen Street Village mixed use precinct.”
The towers project will feature nearly 270 units, ground-level retail space, a residential aged care facility, more than 150 independent living units, a pool and a 200m skywalk around the perimeter of the area
Robson Cotter Insolvency Group, in a report to creditors lodged with ASIC, said Nerang Street originally owned nine lots within the project but five blocks had been sold prior to his appointment.
Unsecured creditors of the company are estimated to be owed $40.8m, including Brisbane construction firm Tomkin which is owed $16.2m, which the Bulletin understands is related to an ongoing court claim, not to unpaid debts.
Secured creditors are owed about $43m, including $22m to Hutchinson Builders.
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