MCU10/2083 Information Request Response 37 Gibson Rd Noosaville

Cra ngm- li^ i o4 k+
rMYI             cm--O IyIIL                                                     ABN 59 III 542 673

          partnErsPty Ltd                                                            DIRECTORS
                                                                            Geoff Coghlin BSc MBA
Property Market Analysis and Development Strategies                        Mike McCracken BA MA

                                                                         ASSOCIATE DIRECTOR
                                                                      Dominic Brown BA ( Hon s), PhD

10054
                                                                                  Suite 31, Level 4
23 December 2010                                                              50-56 Sanders Street
                                                                              Upper Mount Gravatt
                                                                                QLD 4122 Australia
Mr Toby Lewis                                                                     T 07 3422 2011
Marquette Properties                                                               F 07 3422 0899
Level 34, Central Plaza One                                             www.foresightpartners.com.au

345 Queen Street
BRISBANE QLD 4000



Dear Toby,

RE: RESPONSE TO INFORMATION REQUEST, THE HIVE AT NOOSAVILLE,
CONVENIENCE CENTRE

Thank you for forwarding to us the information request issued by Sunshine Coast Regional
Council regarding the subject proposal. Council's information request (dated the 8"i of
December 2010) would like further clarification on three specific issues pertaining to economic
and planning need for the proposal.

The following represents our response to the issues raised in the information request by
Sunshine Coast Regional Council.

Response to Information Request

     1.   A detailed breakdown of existing commercial tenancies, including vacant tenancies,
          within each of the retail precincts in the surrounding area.

A spreadsheet listing the tenancy schedule for the surrounding precincts is provided at the end
of this document. It incorporates the Noosaville Business Centre, Tewantin Business Centre,
Noosaville Visitor Mixed-Use Zone, and Neighbourhood Centres, which were surveyed in
September 2010. Collectively, these centres/areas provide a total floorspace of around
45.650m2. Of this total, around 1,275m' of floorspace was vacant, representing a vacancy
factor of around 3a/o.

The highest level of vacant space was observed in the Noosaville Business Centre, with 900m2
of vacant floorspace residing in the Noosa Homemaker and Harvey Norman Centres combined.
Given the nature, composition and function of these centres, the vacant floorspace would suit
retail showroom and bulky goods tenants, which is largely distinct to the types of tenants
proposed in the subject development. The remaining vacancies were dispersed in other
areas/centres (refer to attachment) with the largest individual tenancy around 120m2.

It is important to note that some level of vacant space (5%-8%) is needed within a healthy
retail network as it allows new businesses to enter the market and enables existing businesses
to expand (or contract) in response to changing market conditions. It also helps to moderate


            Associate Company - Thomas Consultants Inc. Vancouver, Canada