Dexus Convenience Retail REIT (DXC) and Queensland developer De Luca Corporation have entered into a joint venture agreement to redevelop the Glass House Mountains dual service centres.
DXC finalised the acquisition of the north and southbound centres in March 2022 for $25 million and has entered into a development agreement with De Luca, with plans to significantly enhance the two centres and increase the end value to over $60M. De Luca has commenced master planning and development approvals with the first stage of redevelopment earmarked to commence in late 2022.
De Luca’s Founder and Managing Director, Nic De Luca said, “We are pleased to have secured the opportunity to develop Glass House Mountains with DXC, building on our track record of delivering high quality convenience retail with the Fund. We look forward to working with DXC to redevelop the asset in the short to medium term.”
The development will entail a full redevelopment of the existing properties into state- of-the-art service centres and truck stops, along with increasing the number of convenience retail offerings on both sites. The development will incorporate ESG initiatives, aligning the properties with superior sustainability outcomes.
“We will be working with all stakeholders to explore future fuel and energy solutions for both vehicles and buildings, and include these ESG initiatives in the redevelopment. We are extremely excited to be working with DXC and other stakeholders on such initiatives,” Nic De Luca said.
For over 30 years the existing centres have remained popular with patrons travelling the northern corridor. The redevelopment will complement the new Surf Parks Australia development adjacent to the northern site, ensuring customers are well serviced into the future.
Chris Brockett, DXC Fund Manager, said: “Acquiring the Glass House Mountains service centres provides an exciting opportunity to develop two high-performing, prominent dual highway sites. The surplus land together with the proposed surf park on the adjoining property provide immediate development and value-add, on which we have already made solid progress with our partner De Luca Corporation.”
De Luca is a Brisbane based developer / builder specialising in commercial, bulky goods, retail, fuel, fast food, and industrial projects in Southeast Queensland. The group was founded in 1994 by Nic De Luca and maintains long standing relationships with major national retail corporations and institutional investors. The company has a group turnover of over $250 million per annum and a development pipeline of more than $500 million.