Australia

Spotlight boss to pour ‘couple hundred million’ into CBD

Spotlight owner Zac Fried says the start of construction on his Maroochydore block is the first sign of hundreds of millions of dollars of investment his company will make in the new CBD.

Work began this week to build a $30 million retail hub on the opposite side of Dalton Dr to Bunnings and Officeworks.

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It will be anchored by a Spotlight superstore and an Anaconda outdoor and camping store as well as a third main tenant who Mr Fried was not ready to divulge.

"It's good we are finally started," Mr Fried said.

"We were just waiting for the final permits from Economic Development Queensland."

Workers start construction of a new Spotlight store at Dalton Dr in Maroochydore. Picture: Patrick Woods

Workers start construction of a new Spotlight store at Dalton Dr in Maroochydore. Picture: Patrick Woods

He said he wanted the store open by November next year.

"But obviously it depends on how we go with weather and things like that."

Mr Fried said he was excited by last week's announcement that Walker Corporation would take over from Sunshine Coast Council's company SunCentral to develop all but a few sites in the Maroochydore city centre project.

His company's land is included in the city centre Priority Development Area.

He said Walker Corporation boss Lang Walker was someone he had always admired and he was looking forward to working in partnership with his company.

"They've got a long term plan which is exciting for the Sunshine Coast."

An artist's impression shows interior designs for a new Spotlight retail complex on Dalton Drive in Maroochydore.

An artist's impression shows interior designs for a new Spotlight retail complex on Dalton Drive in Maroochydore.

He said the new Maroochydore Spotlight would have a different look and feel to previous stores, such as the precast Kawana store built 15 years ago which he described as "vanilla".

"We are trying to lift the quality of our building compared to other Spotlights."

Mr Fried said the second stage of the four-stage development was in planning but hoped that process would be finished in time for the opening of Spotlight store.

"We were waiting to see what was announced on the acquirer next door," he said.

He gave little away about the make-up of the next stage, only saying it would be service based, probably cost between $30 million and $40 million to develop and would feature an operator new to the Coast.

It could also feature a childcare option.

He said the third and fourth stages would be commercial, hotel or residential towers up to the eight-storey limit for his section of the city centre.

"That's longer term because so much is going to change with what Walkers do."

He said by the end of stage 4 he expected his company's investment total to be "a couple of hundred million" dollars.

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