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

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25% of convenience retail expenditure potential, given the current local
convenience infrastructure, in this instance 50% of convenience retail
expenditure potential is expected to be captured by Peregian. This is due to the
absence of any surrounding full-line supermarkets within the Al. Due to this, the
resident population is anticipated to spend a larger proportion of convenience
retail expenditure at local convenience stores as opposed to travelling further
outside the Al to patronise a full-line supermarket for their convenience needs.
Food and beverage expenditure has been estimated at 25% due to a large
proportion of Al residents travelling to Noosa and other major Sunshine Coast
destinations for work where the majority of food and beverage expenditure is
likely to occur on a daily basis.

At present, Peregian Beach convenience and food and beverage retailers are
expected to capture approximately $9.82 million ($1.8 million from on-site
tourists, $43,380 from local tourists within 400 metres walking distance of the site
and $8 million from Al residents). This expenditure equates to demand for 2,262
Sq M of convenience and food and beverage retail floorspace. Based on existing
convenience and food and beverage floorspace situated in Peregian Beach
(1,450 Sq M), an undersupply of 812 Sq M therefore exists. Given expenditure
potential and demand for all retail goods will increase as a direct result of
population growth, this shortfall is consequently expected to increase.

The proposed 1,000 Sq M of retail (670 Sq M of which is convenience and food
and beverage floorspace) will help to reduce the present undersupply, leaving a
remaining shortfall of 145 Sq M. While the appeal of the centre will be dependant
on the type and mix of retailers in the centre, as well as their operators, the
proposed development will serve to further reinforce the Peregian Beach Retail
and Commercial Precinct

Impact
Given the retail uses within Peregian Beach, it has been estimated the local retail
precinct would capture in the order of 80% of the forecast convenience
expenditure potential. Therefore the remaining 20% ($1.74 million) of
convenience expenditure will be directed to other retail centres within the region
(e.g., Noosa and Coolum). The remaining 75% of food and beverage
expenditure ($3.19 million) will also be directed towards such centres.

The proposed development of approximately 1,000 Sq M will be supported by the
on-site tourists, Al residents and other local tourists within walking distance to the
site. The forecast retail expenditure potential of the development is expected to
have a positive impact on surrounding local centres as the remaining 20% of
convenience and 75% of food and beverage expenditure will be directed to other
retail centres within the Sunshine Coast region as well as providing additional
expenditure to support the proposed retail development.

Commercial
750 Sq M of commercial office space currently services 3,090 Al residents,
equating to approximately 0.24 Sq M of office space per person. Based on
general trends of 1.66 Sq M of office space per person, an undersupply of 4,379
Sq M exists within the Peregian community. The inclusion of the proposed 1,000
Sq M of commercial office space would decrease the shortfall to 3,379 Sq M or
improve the office space per capita ratio to 0.57 Sq M.

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Scanton Property Group - Peregian Beach Needs Assessment ‘ Economics