Spar Australia chooses Crestwood Plaza in Molendinar on Gold Coast for first Superspar supermarket store

A major international chain has decided to launch its first Australian supermarket on the Glitter Strip.

AUSTRALIA’S first Superspar store has replaced IGA as the anchor tenant for Crestwood Plaza in Molendinar.

The 1440sq m Superspar store opened last month after Spano’s Supa IGA opted not to renew its lease at the Prime Space Projects-owned centre.

The Superspar store mirrors a full-line supermarket rather than the convenience shops Spar is known for.

Spar Australia managing director Lou Jardin said Crestwood Plaza was the ideal location for its first Superspar store.

Spar Australia managing director Lou Jardin out front of the new SUPERSPAR store at Crestwood Plaza

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“We believe that it provides excellent exposure to the brand and gives Spar enormous opportunities to convert the passing trade into loyal customers, once we develop the format further.

“Over time as we upgrade we will introduce more departments and develop the store into a destination location.”

Colliers International’s Ryan Chandler negotiated the 10-year lease with two five-year options on behalf of the owner.

He said he spoke to multiple groups interested in the space.

“The strongest anchor in this case was Spar. It is great to see that Gold Coast is the first location in Australia to welcome the first Superspar store,” he said.

Mr Chandler said Spar had agreed to pay a base rent with in-built rental increases to the owner in addition to a percentage of turnover over and above the base.

Crestwood Plaza, which opened in 2005, was developed via Saturn Properties by property industry figure Mark Howard, who bought the site for $2.2 million. Mr Howard parted with Crest­wood Plaza in 2006, selling it for $14.52 million.

The property sold again at the end of 2010 when the present owners, companies linked to Adelaide-based Prime Space Projects, acquired the retail precinct for $12.8 million. In 2015, 543sq m of floorspace was added next to the Supa IGA, lifting the lettable area to more than 3500sq m.