Chevron Renaissance Shopping Centre offers a dynamic blend of retail, dining and entertainment within the Surfers Paradise tourism precinct in the heart of Queensland’s Gold Coast.
The Centre is situated underneath a major Mantra Resort comprising of 3 towers and over 700 residential and holiday apartments with the centre itself consisting of 75 primarily retail tenancies and commercial office suites. This allows for the centre to cater to several markets; local residents, workers and a significant amount of the more than 13.1 million visitors who visit the Gold Coast annually.
Anchor tenants include Coles Supermarket, which trades 6am to 10pm most days, supported by Chempro Pharmacy & Medical Centre, Endota Day Spa, Liquorland, Flight Centre, Max Brenner, Betty’s Burgers as well as two banks, NAB & CBA. The centre is open 7 days, includes basement parking for over 300 cars with 2 hours free parking and free Wi-Fi for customers.
Tenants:60 stores + 15 offices
EST. PEDESTRIANS P/A:7.9 million
MAT SALES (as at Aug 2017):$65.9 million
- Situated under a 3 tower Mantra Resort comprising of 700+ residential and holiday apartments.
- 300+ car parks with 2 hours free parking.
- Anchored by Coles Supermarket, trading 6am-10pm most days.
- Established Medical Centre & Pharmacy, open 365 days.
- Extensive frontage along Surfers Paradise Boulevard, parallel to the G:Link Light Rail, which:
- Carries 7M+ passengers per annum.
- Runs every 7.5 minutes on weekdays and every 10 minutes on weekends.
- Carries 7M+ passengers per annum.
Precision Group purchased Chevron Renaissance in May 2015 with a long term vision to revitalise the Centre. Several million dollars have been spent on the following list of improvements with an intensive program of further works proposed in the near future.
- Installation of multilingual digital directory boards throughout the Centre.
- Free Wi-Fi.
- Repainting throughout the Centre and car park.
- Blade signs along Surfers Paradise Boulevard.
- Installation of glass balustrades & additional cosmetic improvements.
- Public restroom refurbishment.
- Pylon signs installed at 2 main entrances to the Centre.
- Refurbishment of the tower on the corner of Elkhorn Ave. & Surfers Paradise Blvd.
- Refurbishment of the restaurant precinct.
- Extension of the shade sail to include North and South entrances to the centre.
- Installation of a 6mx4m LED screen fronting the corner to Elkhorn Ave. & Surfers Paradise Blvd.
With enviable frontage to the G:Link Light Rail and just metres from the fabled white sands of Surfers beaches, Chevron Renaissance is an iconic retail destination that delivers an experience beyond the traditional shopping centre.
The centre enjoys mass transit access as it lies at the very heart of the Gold Coast’s Light Rail Network, opening up the Gold Coast suburbs beyond the conventional catchment area.
Chevron Renaissance lies on the site of the iconic 1950’s Chevron Hotel, one of the first global standard integrated resorts in Australia. It was one of the centrepieces of the renowned 1960’s and 1970’s heyday for the Surfers Paradise precinct when the area was known across the country as Australia’s favourite playground.
The centre was opened in 2000 as part of the precincts rejuvenation which saw a major resort comprising three residential and holiday apartment towers built across the two-hectare site. This project revitalised Surfers Paradise and transformed the area through its world-class combined retail and accommodation offering creating one of the city’s favourite shopping and dining locations.
The Centre underwent a $5 million refurbishment in 2014, creating a renewed restaurant dining precinct in the piazza including the installation of a major shade sail structure to allow open air, yet weather protected alfresco dining. A purpose designed laneway ‘Chevron Lane’ inspired by urban laneways such as Melbourne’s Degraves was built in 2014 to create a unique open air urban space lying where the city meets the sea.
Precision Group contracted to purchase Chevron Renaissance in 2014 and have embarked upon a refurbishment program to continue improvement works as part of the long term vision and commitment to the Centre.
MacroPlan Dimasi conducted quantitative market research for the Centre in 2014 and the report identified three key markets for Chevron Renaissance. Each of these key markets are outlined below in more detail.
MAIN TRADE AREA (Permanent Residents)
The Main Trade Area (MTA) is estimated at 24,060 persons as at 2014 and is expected to grow at an average rate of 1.6% to reach 29,160 as at 2026. The main trade area includes the densely-populated suburbs of Surfers Paradise, Main Beach, Chevron Island and Isle of Capri. Significant future growth is expected to be provided with medium and high density developments in Surfers Paradise.
Retail expenditure generated by the main trade area population is projected to increase from $338 million in 2014 to $578 million in 2026, reflecting an average annual growth rate of circa 4.6%.
Key characteristics of the MTA include:
- A relatively wealthy catchment (per capita income +20% on SEQ benchmark) with a low household size of 1.9, compared to the SEQ average of 2.9 persons per household. This is a reflection of the high number of lone person households (25%) and couples without children (40%).
- The proportion of persons aged 20 – 29 is 26% and is significantly higher than the SEQ benchmark. There is also a higher proportion of residents aged above 60 years and a lower proportion of residents aged 14 and under.
- 40% of residents are born overseas, which is significantly higher than the SEQ average of 26%. New Zealand, United Kingdom and Japan represent the top 3 countries of birth.
- The proportion of households renting is 54%, higher than the SEQ benchmark of 34%.
- MTA residents exhibit much higher retail expenditure profiles than SEQ averages, with per capita spending about 11% higher. Expenditure on food catering services (i.e. cafés, restaurants and take-away food) is 38% above average while spending on retail services is 39% above the SEQ average.
- Fresh food and packaged liquor spending accounts for the highest proportion of total retail expenditure at around 43% of total capacity.
MTA AGE DISTRIBUTION
RETAIL EXPENDITURE BY PRODUCT GROUP
THE WORKER MARKET
Surfers Paradise provides more than 70,000m2 of office floor space, estimated to include approximately 6,120 workers, within a walkable 500 metres from Chevron Renaissance. This market is expected to increase by 150-225 workers per year, reaching 8,295 by 2026. These workers generate an estimated $81 million per year in retail expenditure and this is expected to increase by about 5.5% per annum, reaching $153.9 million by 2026.
Workers in CBD locations typically spend 25-40% of their total annual retail expenditure near their place of work, typically on convenience retail and food catering.
The socio-demographic profile and retail expenditure of the worker trade area is similar to the MTA residents. It is expected that workers contribute moderately towards the annual sales turnover of Chevron Renaissance, in the order of 5% per annum.
TOURIST MARKET (Domestic & International)
The tourist market is significant for Chevron Renaissance and is estimated to provide an annual equivalent population of about 16-17,000 persons, providing approximately 30% of the Centre’s annual sales. Visitors to Surfers Paradise spend an estimated $544 million per year on retail goods and services, while visitors to the Gold Coast spend around $2.1 billion per year. The domestic tourism market generates about $389 million in retail expenditure and the international domestic market adds an estimated $155 million per year.
There are more than 50 hotels and serviced apartments within a 1km radius of the Centre. Visitors from Japan and New Zealand have historically been the largest for Surfers paradise comprising 20-25% of the total visitor numbers each. However, following recent natural disasters these markets have declined significantly. The Chinese market has grown steadily to about 8% of total international visitors. The combined Asian market represents 47% of the total tourist market, Europe accounts for 23%, while America and other countries account for 9-10%.
Growth in this market is forecast at 3.3% per annum for international tourist visitation and 0.3% for domestic visitors.
SURFERS PARADISE TOURISM VISITATION
Year ending March 2014