Lobster Shack popup a sign of new trend sweeping commercial property on Gold Coast

POP-UP shops and restaurants are finding favour with Gold Coast landlords, keen to fill difficult spaces with ‘buzzworthy’ tenants.

CBRE’S Rudi Scutti, who negotiated the one-month lease for The Lobster Shack, raises a glass at the pop-up restaurant. Picture Glenn Hampson

POP-UP shops and restaurants are finding favour with Gold Coast landlords, keen to fill difficult spaces with ‘buzzworthy’ tenants.

That is the case with The Lobster Shack – a new pop-up tenant below the Sonata Apartments building on the corner of Queensland Ave and Surf Pde in Broadbeach.

The restaurant, which is a collaboration between the owners of Down N’Out Burgers, Opera Kitchen and Veuve Clicquot, has signed a one-month lease for a 134sq m space at $1600sq m gross.

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CBRE’s Rudi Scutti, who negotiated the lease, said the shop, which previously hosted Hello Harry Burgers, had been vacant for about six months prior to the new tenant signing on. “We thought we would bring them in there to bring action to the site. It is a concept that works in Sydney and Melbourne so we thought, ‘what have we got to lose?’”

Mr Scutti said retailers were operating in difficult times, which was making it harder to lock in long-term tenants. “It is because leasing deals are taking longer to get and landlords still have the costs associated with having a vacant shop. So if you have the right tenant, you not only receive money in the short term but the opportunity to lock in the tenant for the long term.”

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Mr Scutti said The Lobster Shack backers are looking to roll out other restaurants on the Gold Coast.

The landlord is well-known Gold Coast investor Chris Buist.

He paid $2.75 million for the property through his investment vehicle Buist Investments Pty Ltd in 2007.

The Lobster Shack is located next to Hog’s Breath Cafe, and faces Surf Pde, which recently underwent extensive beautification works.

Knight Frank associate director Lizzie Wheeler said she expected to see more popup tenants as the Commonwealth Games came closer.

“We are witnessing a growing interest from both tenants and landlords in short-term ‘pop up’ leasing. Tenancies need to be fitted to minimise capital outlays for this style of leasing to be profitable for both sides,” she said.