MCU14/0056 - Attachment H -Economic Needs Assessment

Table 2.3: Cooroy Town Centre Tenancy Mix, February 2014


 Tenancy Mix (General Category)                            No.      %
 Retail
    Take Home Food                                          11     9.4
    Meals-Out / Take-Away                                   12    10.3
    Apparel                                                  5     4.3
    Convenience Homewares & Personal Services               26    22.2
    Comparison Homewares                                    17    14.5
    Subtotal                                                71    60.7
 Professional services                                      29    24.8
 Entertainment (pubs)                                        2     1.7
    Subtotal                                                31    26.5
 Commercial                                                 10     8.5
 Vacant shopfront                                            5     4.3
 Total                                                     117   100.0
Source: Foresight Partners estimates, February 2014

Of the 54 retail and commercial shop fronts in Eumundi, 11 vacancies were identified at
the time of inspection. Four of these tenancies are located in one building on the corner of
Caplick Way and Memorial Drive and appear to be fenced off for redevelopment.
The IGA in Yandina has recently relocated to the new Yandina Shopping Centre. The
centre has four tenancies vacant totaling 515m2. The Parkview Shops, located on Conn
Street, at the entrance to the Yandina Town Centre area contains one vacancy which was
also identified as vacant in an October 2009 inspection. In total there are 65 shop fronts in
Yandina of which nine were identified as vacant at the time of inspection in February
2014.
Pomona has 33 shop fronts in the town centre area of which only two were identified as
vacant, which shows significant improvement in the local retail market compared to a
previous inspection conducted in August 2007, which identified seven shop fronts as
vacant. However this did include four tenancies in a newly constructed building on Station
Road which have since been tenanted.
Based on our observations and low street front vacancy the Cooroy town centre precinct
appears to be performing well despite lingering difficult market conditions for Australian
retailers. Some level of vacant space in the retail network is part of a healthy retail
network as it allows new businesses to enter the market and enables existing businesses
to expand (or contract) in response to changing market conditions.
A vacancy factor of 5% to 8% of total floorspace is generally accepted as a reasonable
level, up from a 3% to 5% range accepted 15 or 20 years ago before larger format retail
showrooms were common and average shop sizes increased. The overall retail vacancy
factor for Cooroy is in the order of 4.9% based on 450m2 of vacant space suitable for retail




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Proposed Myall Street Development
12022 Rev 1
30 May 2014