It is acceptable. "Living" would be a better word than "life". Alternatively, you could keep "life" and improve the sentence by replacing "convenient" with "comfortable", "pleasant", "relaxed", or "agreeable". "Life" offers conveniences but is not itself convenient. Things that are convenient are: "living here" "having a life here" "being here" "access to essentials" "having these things" "amenities" Some good ways to say this are: "There are many shops and restaurants nearby, so living here is convenient." "There are many shops and restaurants nearby, so a life here offers conveniences." "There are many shops and restaurants nearby, so having a life here is convenient." Note how close the last sentence is to your original. People not listening for nuances will not notice anything wrong with the original sentence so from a practical point of view, your original sentence is fine.

Yes, that sentence is clear and perfectly fine 👌🏽