Shopping centre upgrade
Vicinity Centres (50%) and Perron Investments (50%)
The Runaway Bay Centre is a single level regional shopping centre in Gold Coast, Queensland, Australia. It is undergoing an upgrade to provide visitors with a new fresh food precinct and waterfront dining options.
The upgrade will also include the installation of a solar energy system to provide the centre with clean, renewable energy.
The shopping centre in Queensland is jointly managed by Vicinity Centres (50%) and Perron Investments (50%). Commenced in February 2021, the upgrade project is being undertaken in stages.
Runaway Bay Centre location and background
The Runaway Bay shopping centre is located at the corner of Lae Place and Bayview Street, approximately 12km north of the Gold Coast Central Business District and approximately 72km south of the Brisbane Central Business District in Queensland, Australia.
The property covers an area of approximately 12.47ha with a lettable area of 42,997m². The Runaway Bay shopping centre provides customers with boat mooring facilities on the canal.
The shopping centre was built in 1974 and the first refurbishment was completed in 1995. Perron Investments purchased 50% interest in the property from Vicinity Centres in 2016. The centre attracts 4.5 million visitors a year.
Runaway Bay Centre upgrade details
The first stage of the Runaway Bay Centre upgrade involves improvements to the fresh food precinct, including a redesigned coastal theme featuring new lighting, tile flooring, lounge furniture, and oversized planters for greenery. The redesigned precinct will feature fresh produce and speciality ingredients retailers when commissioned in June 2021.
The second stage will involve the development of the new indoor-outdoor casual dining precinct with alfresco seating and water views.
The casual dining precinct will feature the same coastal design while taking full advantage of the centre’s unique waterfront location. A new expansive alfresco deck will be constructed to provide customers with views of the water. The new casual dining precinct will introduce seven operators. Construction on the new casual dining precinct is scheduled to begin in May 2021 and be operational by next spring.
The shopping centre will be installed with a solar energy system comprising 2,908 solar panels, which will be fitted on the roof of the structure. The system will be able to generate 1.3MW of clean energy, enough to power 370 average Australian homes each year.
The construction activity will employ 20 local solar contractors. The installation works are currently underway and the facility is expected to be commissioned by April 2021.
The solar energy system at Runaway Bay Centre is part of Vicinity’s nationwide A$75m ($59m) industry-leading solar programme.
Retail offerings and amenities
The Runaway Bay shopping centre houses a total of 110 tenants, which include major outlets such as ALDI, Big W, Coles, Target, Woolworths and mini majors, including Best & Less, Dollars & Sense and Terry White Chemmart. The centre is also anchored by two discount department stores, three supermarkets, 92 speciality retailers, 15 non-retail and 15 other retail stores.
The shopping centre features an alfresco dining precinct on the waterfront. It provides free Wi-Fi that can be accessed by all customers.
Parking at Runaway Bay Centre
The parking facility at Runaway Bay offers 2,200 car parking lots, with approximately half of being covered spaces. Disabled parking spaces are also available, including spaces assigned for ‘parents with prams’. The parking lots are located close to centre entrances for ease of access.