New Hope island shopping centre
Hope island is set to gain a town center more than a decade after the retail and dining precinct was first mooted.
The commercial hub is to be developed by 31- year – old Lennon Lin who has bought the center site from receivers for $14.3 million and hopes to have the precinct operating by July next year.
Mr.Lin, who launched a property career in Brisbane in 2015, hopes to start construction of the center by July.
It will be anchored by Woolworths and Aldi supermarkets and could feature close to 30 other retail outlets, including restaurants.
Mr. Lin said he hoped improvements could be made to the development approval that was gained for the hub’s 2.5ha site last year.
The approval allows for a two-storey center that has almost 10,000 sq m of floorspace.
“We intend to fully enclose and air-condition the precinct, making it unique among Hope Island centers.” he said.
The town center site has been in the hands of receivers since companies associated with developer John Fish encountered problems during the global financial crisis.
The debt on the site, at 00 Broadwater Ave, is held by Goldman Sachs.
Mr. Lin, his family, and an associate are buying the land via company Austin Property Development in a deal that settles at the end of this month.
They intend to launch a leasing campaign for tenancies within weeks.
Mr. Lin, who arrived in Australia from Taiwan as an eight-year-old, said the venture makes his retail debut.
For the past two years, he has been involved with the development of student accommodation facilities and other housing projects in Brisbane.
“I have had a holiday house at Hope Island for three or four years and always have felt there aren’t enough shops and restaurants,” Mr. Lin said.
“what we will build will be truly worthy of the area.”
Mr. Lin said his ambitions on Hope Island do not rest solely with the town center project, which will be a long-term investment.
“There is a site across the road in Marina Quays Bvd that we would like to buy,” he said.
“It is mooted for hundreds of apartments and we’d like to put retail under the buildings and turn the area into somewhere with an atmosphere like that of James St in Brisbane.”
That near 3.3ha site, which has a 200-meter frontage to Hope Island canal, has been put to market by reveivers to an entity linked to Mr. Fish.