07/1259 - Peregian Beach needs assessment [As Published] · 132007.1259

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1.66 Sq M of commercial office space per person required within a regional
centre, At a rate of 1.66 Sq M required office space for the 3,090 residents, this
equates to demand for 5,129 Sq M. There is therefore considered to be a
shortfall of 4,379 Sq M of commercial office space in the Al. The addition of
4,000 Sq M of commercial office space provided by the subject site would result
in 0.57 Sq M of commercial office space per person and reduce the shortfall to
3,379 Sq M of commercial office space. The proposed commercial will also
provide space for services located in retail shop-front space, leaving retail space
for retailers and enabling better overall use of the existing Peregian centre.

5.5 Implications

The development of approximately 2,000 Sq M of retail and commercial office
space on the subject site will provide for three markets: the on-site demand of
tourists, tourists staying within a 400 metre radius of the site and residents of the
Al. These markets currently travel to Noosa and Coolum Beach for full-line
supermarkets, however the Peregian Retail and Commercial Precinct is
considered to fulfil the primary convenience needs of these markets. The subject
site is anticipated to extend and form part of the Peregian Retail and Commercial
Precinct, with the proposed retail catering primarily to on-site and near site
demand.

The three markets currently generate demand for approximately 2,262 Sq M of
convenience and food and beverage retail, of which 1,450 Sq M is provided
within the Peregian Retail and Commercial Precinct. This equates to a shortfall
of 812 Sq M of convenience and food and beverage retail. The addition of 670
Sq M of convenience and food and beverage retail on the subject site will reduce
the shortfall to 145 Sq M.

Based on industry experience of 1.66 Sq M of commercial office space required
per person, the 3,090 residents aged over 15 years in the Al generate a demand
for 5,129 Sq M. The amount of commercial office space currently supplied in the
Peregian Retait and Commercial Precinct (750 Sq M) is relatively small by these
standards. Consequently, there is a shortfall of 4,379 Sq M of commercial office
space in the Al. The provision of 1,000 Sq M of commercial office space on the
subject site will reduce this shortfall to 3,379 Sq M. The proposed commercial
will also provide space for services located in retail shop-front space within the
existing Peregian Retail and Commercial Precinct, leaving retail space for
retailers and enabling better overall use of the existing Peregian centre.

The success of the retail and commercial use on the subject site will be
dependent on the mix of retailers in the centre as well as their operators.

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Scanlon Property Group — Peregian Beach Needs Assessment -Feonomics