Gold Coast development: Harry Triguboff dumps retail from Meriton Pegasus towers

Four shops will be scrapped from a Gold Coast tower complex owned by Australia’s second richest man. Documents reveal the startling reason why.

FOUR shops will be scrapped from a Gold Coast tower complex owned by Australia’s second richest man.

“High-rise” Harry Triguboff’s company Karimbla has filed plans with the Gold Coast City Council to scrap the retail spaces on the ground level of his Meriton Pegasus towers in central Broadbeach.

They will be replaced by eight studio units.

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The Meriton towers. Picture Glenn Hampson

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The towers, completed a decade ago, sit on the Gold Coast Highway opposite The Star casino and near Pacific Fair.

But Meriton says the complex’s proximity to these recently upgraded facilities is making it harder for businesses to stay afloat.

“Reasoning for the proposal is that the commercial tenancies at the site have suffered from lack of demand for retail use, with this situation having worsened over time, particularly given increased commercial competition from destinations such as The Star … Oracle and the recent expansion and refurbishment at Pacific Fair” a planning report to council says.

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Billionaire developer Harry Triguboff.

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“Consequently the retail tenancies … have struggled to attract sustainable tenants and are experiencing increasing vacancy rates, thereby not contributing to a positive streetscape character.

“The declining demand for full occupation of the commercial tenancies overall has led to the need to repurpose these northeast facing tenancies to preserve active use of this space.”

According to plans filed with the council, the eight studio units would be one bedroom each and have private terraces.

The plans comes as The Star moves forward with its multi-billion masterplan.

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The Star Gold Coast site's new $500m fourth tower will be built along with the third tower Dorsett (second from right) which coming out of the ground. Star Grand can be seen (second left) and the Darling six-star suite hotel is far right.

The casino complex’s $450 million third tower is under construction while it is also moving forward with a fourth.

Further significant development is planned for the area, with a proposal put forward over Christmas for a pair of 68-storey supertowers on the nearby Main Place site.

Concerns about the strength of the tourism industry were raised last week by long-time operators in the wake of rosy visitor numbers released.

Despite the numbers showing a record spend, tourism operators told the Gold Coast Bulletin there was a growing number of vacant retail tenancies throughout Broadbeach and Surfers Paradise.