MCU14/0056 Economic impact report Att B - Information response

    •    52% of existing business users had a length of current occupancy of two years or
         longer compared to 30% of private users.

    •    21% of existing private users had a length of current occupancy of three months or
         less compared to 10% of business users.

    •    About 35% of private storage users visit their storage unit about once a month and
         51% visit less often. Only about 14% visit about once a week or more frequently.

    •    Business users visit their units more often, with 36% visiting about once a week or
         more frequently. Only about 23% of business users visit their unit about once a
         month and 40% visit less frequently than once a month.

    •    86% of private users and 90% of business users travel no more than 30 minutes to
         reach their self storage unit, with 38% of business users and 36% of private uses
         travelling ten minutes or less.


4.2.2      Need and Demand for Additional Self Storage Units in Cooroy
Cooroy area average household incomes ($65,829) are below that of the Sunshine Coast
($71,406), with a lower proportion earning in the top annual income bracket of over
$130,000 (9.5%) compared to the whole of the Sunshine Coast (12.0%). However,
Cooroy has a much higher proportion of households residing in detached dwellings
(92.2% compared to 76.6% for the Sunshine Coast) and higher levels of home ownership.
(Refer Table 3.2 in July 2014 EIA report).
Although higher incomes are a desirable market characteristic for supporting self storage
units (and virtually any other business endeavor), there are probably other factors likely to
drive demand for additional self storage units in Cooroy. Local businesses, such as
professional service providers, retailers and tradespeople would also generate demand.
Telephone enquiries with Cooroy’s two self storage providers in November 2014 indicated
that all 70 units are rented, with one indicating a waiting list for units. This clearly
suggests there is a latent demand for additional self storage units, although it is not
possible to readily quantify the likely number of additional units needed to meet current
and likely future demand, or the likely private household – business mix of this demand.
The incorporation of 52 secure self storage units as part of the Myall Street mixed use
development should cater to current latent and likely future demand in an easily
accessible location for Cooroy area residents and businesses. Its position just off the
Bruce Highway should also enable it to serve a larger area than the defined Cooroy
catchment.


4.3        Potential Impacts
Cooroy’s current self storage facilities appear to be at capacity and the proposed 52 units
will assist in alleviating an undersupply of self storage units. Although it is difficult to

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Myall Street – Information Request Response
12022-1 Rev 0
22 December 2014