Belmonde Property Group to develop Yatala Convenience Centre
Belmonde Property Group has announced plans to develop a $25 million service station and convenience centre on a prime commercial site at Exit 38 on the Pacific Motorway halfway between the Gold Coast and Brisbane.
The Yatala location is to include a service station and two food outlet opportunities and will take advantage of the 160,000 plus vehicles that pass each day and the adjacent $1 billion Yatala Enterprise Area which will employ 40,000 people upon completion.
Belmonde Managing Director Todd Brown says apart from passing traffic, the 6,600 sqm site is surrounded by a number of 24-hour operations including Carlton United Brewery, Aldi DC, Woolworths DC and VIP Petfoods to name a few.
“Our development is the only north bound opportunity into the Yatala Enterprise Area, and high profile highway locations such as this have more consistent trade throughout a 24 hour period and faster year-on-year growth due to driver habit when compared to traditional residential based sites,” says Mr Brown.
“Its location in the northern Gold Coast is ideal as it has been one of Australia’s fastest growing regions over the past three years with 15 per cent population growth predicted by 2030.
“A nearby service centre sells approximately 50 million liters of fuel per year, so all these factors coupled with the 24-hour worker market in a massive growth area provides an extraordinary opportunity.”
According to a recent report by economic consultancy Location IQ, South East Queensland (SEQ) will require more than 440 new service stations over the next 20 years to meet demand.
The report cites SEQ to grow by over 80,000 people per year, and given the market is also characterised by high car ownership (1.8 vehicles per household) and significant travel distances (11,000 km per year), services must also expand to meet these needs.
The latest RACQ data also reveals Brisbane service stations were pumping fuel at a 15-month record high in April, despite a fall in the international oil price, with the base cause a lack of competition or a strong independent market.
Exit 38 is strategically located 30 minutes’ drive from Gold Coast CBD, Brisbane CBD, Brisbane Airport and the Port of Brisbane.
It is the last service centre before the M1 splits into the Logan, Ipswich and Gateway Motorways, and is opposite the famous Yatala Pies which sells over 4,000 pies per day.
Mr Brown says the development is another example of Belmonde’s strategy to identify premium commercial opportunities supported by an established or growing population base.
“We have a specific team that has been solely focusing on prime service station and fast food sites in South East Queensland,” Mr Brown says.
“The very clear mandate is to find A grade locations with large traffic movements, high growth, great exposure and favourable town planning while also analysing gaps in individual operator’s networks.
“There are clear signs from our research and other reports that South East Queensland is in need of more of these types of facilities and we intend to peruse these opportunities.”