9. Appendix F - Economic Impact Assessment

If large format retail and non-retail showroom floorspace demand is assumed at around at 1 sq.m per
person, this would lead to an overall demand for large format retail floorspace of 155,340 sq.m by 2031,
an increase of 17,600 sq.m on the current level of demand, or around 61,000 sq.m above the existing
provision of floorspace across the total trade area.

Intended Uses
The Noosa Marketplace development will comprise a total of 8,780 sq.m of large format retail and/or
showroom floorspace. There are limited available and appropriately zoned sites within the region with
the site attributes typically required by large format retailers (e.g. high-profile location with excellent
accessibility, large enough to accommodate a critical mass of tenants to create destinational appeal
etc.). As such, the subject site represents an ideal location for a large format retail/showroom centre to
address to existing undersupply of such facilities within the region. Further, the subject site is a natural
extension of the existing Noosa Civic retail precinct.

The Noosa Business Centre site encompasses 40.1 hectares of land, of which approximately 66%
(including the subject site) is currently vacant or undeveloped. As such, other employment-type uses
which do not require sites in high profile locations could potentially be accommodated elsewhere within
the site to allow for the development of large format retail and showroom uses at the subject site.


Impact on Existing Centres
The proposed development is projected to achieve sales of approximately $3,500 per sq.m in 2021
(constant 2018 dollars and including GST), or around $30.7 million. Based on this trading level, the
average impact on surrounding large format retail stores would be in the order of 6.5%, and, therefore,
would not affect the viability or continued operation of any store. It is unlikely that the development
would impact surrounding facilities to the degree outlined above given it would likely comprise new
traders to the locality and as such, would not provide a direct replication of any existing tenant or facility
within the immediate region.

Consequently, any impact on surrounding facilities would be minimal and additional spending directed
to facilities at the site will likely be retained spending, currently escaping the trade area. The proposed
development would also serve to strengthen Noosa as a large format retail and non-retail showroom
destination and would not impact on the role served by major facilities such as Noosa Civic or other
centres in Noosa Shire such as Noosa Junction.




        Noosa Marketplace, Queensland
        Economic Impact Assessment                                                                       4
        May 2019