A Burleigh Heads shopfront on the light rail route has attracted almost $1800 per square metre plus GST (gross) in a recent leasing campaign – one of the highest rates recorded in the suburb.

The 95sqm retail space that became vacant after the closure of suburb institution Wahoo’s Fish Taco Australia attracted eight offers and tens of enquiries in a leasing campaign managed by LJ Hooker Commercial Southern Gold Coast.

Commercial Leasing Specialist Teresa Skordou anticipated the profile of the site – Wahoo’s had been a landmark in Burleigh Heads for two decades – was going to encourage enquiry. But with the light rail to run past its doorstep, there was uncertainty as to what the response to construction would be like.

“There’s obviously a lot of disruption for businesses on the Gold Coast Highway during the light rail works,” said Ms Skordou.

“But the response we saw to the leasing campaign shows business owners can see significant benefits beyond this.

“With Burleigh Point and the beach across the road, Burleigh is already one of the Coast’s most popular destinations for casual dining and entertainment.”

The operator of a Surfers Paradise restaurant is opening a charcoal grill concept on the old Wahoo’s site at 2/1726 Gold Coast Highway. They are paying $1788 per square metre (gross) which was above initial asking rates. The lease is over three years with further options.

“The result shows demand for retail in Burleigh Heads is as strong as ever. The successful tenant had been looking for two years for the right site,” said Ms Skordou.

“We’re already working on several other opportunities in the suburb with business owners who missed this lease.”

According to LJ Hooker Commercial’s Gold Coast Market Monitor released this year, the average retail rent across the city was $800psm.

Rents and demand were solid and tenant incentives had steadied, the Monitor found.

The Queensland Government Statistician’s office predicts the Burleigh-Broadbeach corridor's population will consistently outperform the rest of the Gold Coast over the next 20 years, averaging a 2% increase in residents every five years.

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