Churchill Development Group has announced the approval of its Ashmore Markets, Reed Street development by the Gold Coast City Council.
The site, formerly the home of the popular Ashmore Seafood and Steak restaurant, was purchased by the group in 2021, and will maintain its legacy as a food destination with the 9,020sqm corner set to become an ‘epicurean emporium’.
The transformation is valued at $55 million.
Jonathan Leishman, Churchill Development Group Executive Director said given formal approval has been received, he is looking forward to bringing the project to life.
“We were determined to maintain the food focus and create something special for the site,” he said.
“We worked with our architects to create a building that is anything but your typical shopping centre. The design features a floor-to-ceiling glass façade and external planting and green spaces will ensure the destination becomes part of the surrounding suburban area.”
Jonathan Leishman, Churchill Development Group
The Ashmore suburb itself has benefitted from strong property price growth, with the median house price rising above $1 million over the past year, reflecting a 26% increase.
Ben Bailey, Churchill Development Group General Manager, added the increase in house values and sale prices has subsequently fuelled demand for premium hospitality and retail offerings.
“We have dedicated around 70% of the 5,290sqm centre to food and beverage retailing which will be the majority of the tenancy mix,” he said.
“Cafes and restaurants with a focus on delivering fresh, quality food along with a bottle shop, wine bar and full line premium grocer will be part of Ashmore Markets and we’re also working to bring wellness, medical and allied health operators and a pharmacy to the development.”
Ben Bailey, Churchill Development Group
“We look forward to announcing further exciting news in the coming weeks regarding a number of high-quality operators that we’ve partnered with at Ashmore Markets.”
Construction is expected to commence before the end of the year, with completion in early 2024.
Other projects by the group include 200 Kingston Road at Slacks Creek and the Breakfast Creek Quarter mixed-use precinct in Newstead.
Article source: thepropertytribune.com.au
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