MCU14/0056 - Attachment H -Economic Needs Assessment

SUMMARY
Creekgold Pty Ltd proposes to develop a mixed use development comprising a small
supermarket, fast-food restaurant and service station as part of a larger multi-staged
development which will ultimately include a car wash, self-storage facility and tourist
accommodation. The site, a 6.77 hectare lot zoned rural, is bounded by Myall Street and
the Bruce Highway off-ramp on the southern edge of the Cooroy township area. It is
anticipated the mix of uses will largely serve visitors and highway traffic in the region as
well as local residents.
Foresight Partners Pty Ltd was commissioned to prepare an economic impact and needs
assessment for the proposed fast-food restaurant (283m2), supermarket and service
station (1,145m2) components of the mixed-use development


Existing Centres – Supermarkets and Grocery Stores
Our investigations indicate that the Town Centre precinct offers about 73 street front retail
shops and services and about a further 39 commercial and professional service
tenancies.The 2,500m2 Supa IGA is the only supermarket in Cooroy and there is a relative
dearth of fast-food take-away dining options with only two national chains present
(Subway and Eagle Boys).
At February 2013, there were five retail vacancies (approximately 450m2) identified which
are considered suitable for retail use, reflecting a vacancy rate of around 4.9%.


Retail Market Fundamentals
The resident trade area for the retail component of the proposed mixed-use development
encompasses the Cooroy Township, as well as rural areas, especially close to the Bruce
Highway.
The residential trade area had an estimated 5,250 people residing in 2,150 private
dwellings as at June 2013. It is estimated that there will be modest levels of growth within
the trade area between 2013 and 2021 of 590 new residents in 260 additional dwellings to
reach about 5,840 residents in 2,410 private dwellings.
As at June 2013, it is estimated that the trade area households generated approximately
$61.9 million in retail sales potential, and this is expected to increase to about $67.5
million by 2017, the retail components assumed first full year of trading. By June 2021
(fifth year of trading) available spending is forecast to reach $72.1 million (constant 2013 $
values).

Retail Performance and Impacts
The retail component of the proposed mixed-use development is forecast to achieve sales
of $10.6 million in its first full year of trading in 2017, of which $7 million is generated by
trade area residents, and represents an overall market share of about 10.4%.


                                               1
Proposed Myall Street Development
12022 Rev 1
30 May 2014