MCU14/0106 & OPW15/0001 Appendix B - Retail Needs Response

2 Vacancy Analysis

2.1 NOOSA CIVIC

Information request:

The Retail Needs Assessment identifies Noosa Civic as having 4,200 sq.m of vacant
floorspace, representing a vacancy rate of 14% (as reported in Table 4.1) but the vacancy
rate reported in Chart 4.1 reports the vacancy rate for Noosa Civic as 9%.

Response:

The 9% vacancy rate is correct, and refers to all vacancies across the entire Noosa Civic property owned
by QIC (i.e. the shopping centre, Emporium, offices and freestanding uses).

At the time of the report there was 2,646 sq.m of vacant floorspace across Noosa Civic. This amounted to
a total of 22 tenancies of various types and sizes, 14 of which were within the Noosa Civic shopping
centre component. In some cases the vacancies are due to the change in ownership and management to
QIC, and are therefore temporary and transitional.

Table 4.1 of the report has been updated and is provided as Table 2.1 below.

It should be noted that 4 of the vacancies in the Noosa Civic shopping centre component, which were
apparent in September 2014, were small kiosks and casual mall leasing (CML), including ATMs. In
addition, a 225 sq.m externally orientated tenancy of at the western end of the centre has been vacant for
some time. In our view this is a very poor location for most retail and related uses due to the lack of

footfall, and is arguably a design flaw.

The Emporium showroom component and the freestanding office building, which are also part of the
Noosa Civic property, account for some 59% of vacant space across the entire Noosa Civic property.

As requested, Table 2.1 also includes a more detailed analysis of the size and number of vacant
tenancies across the various centres assessed within the trade area.

URBIS
NOOSA RESPONSE REPORT - RETAIL ECONOMICS JUNE 2015 V2 VACANCY ANALYSIS 7