Attachment 7- Economic Impact Statement

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                                  The analysis also incorporates retail floorspace demand from visitors travelling into the
                                  catchment (ie from tourists, non-resident workers, etc). This contribution is assumed to
                                  grow in line with trends in tourist numbers over the period 2010 to 2019, which is 2.5% pa.

                                  The analysis establishes that there is a current undersupply of 21,200 sqm of traditional
                                  retail floorspace in 2022 compared to a situation in which retention rates were 70% as
                                  supported by the designation of NBC as a Major Regional Activity Centre in ShapingSEQ.

                                  By 2027 (when Noosa Civic Village would be operational) the undersupply would widen
                                  to 33,050 sqm and then increase over time to reach 45,850 sqm by 2035.

                                  In summary, the analysis shown in Table 8 demonstrates that growth in the catchment
                                  residential population and visitor numbers, combined with local services better reflecting
                                  the role of NBC as a Major Regional Activity Centre, will generate significant demand for
                                  new floorspace.
                                  The analysis supports the conclusion that the current provision of retail floorspace
                                  serving residents and visitors is inadequate given the intended strategic roles of centres
                                  within Noosa Shire, and the designation of the NBC.
                                  Overall, the analysis presented in Table 8 provides strong justification on need grounds
                                  for the proposed 7,500 sqm of traditional retail floorspace at Noosa Civic Village by 2027,
                                  along with the additional code assessable component of 6,500 sqm to be constructed
                                  within the Retail precinct. The introduction of 14,000 sqm of additional retail floorspace
                                  is, in fact, consistent with the existing controls set out in Noosa Plan 2020. Indeed, the
                                  analysis identifies potential for further retail expansions to occur elsewhere in the
                                  catchment in order to continue to serve the needs of residents and visitors.

Table 8—Analysis of traditional retail floorspace provision and need

Year                                                                     Reference                          2022                2027     2030              2035
Catchment area population - persons                                      A                               95,311           102,470      104,615         107,510
Demand for traditional retail floorspace
Average retail demand (@ 1.6 sqm/cap) - sqm                              B = A x 1.6                    152,500           164,000      167,400         172,000
Existing traditional retail floorspace provision
Existing supply - sqm                                                    C (Table 7)                    114,150           114,150      114,150         114,150
Floorspace supported by visitors - sqm                                   D = C x 25%                     85,600            85,600       85,600           85,600
Existing supply supported by catchment - sqm                             E=C-D                           28,550            28,550       28,550           28,550
Retail floorspace not retained locally - sqm                             F=B-E                           66,900            78,400       81,800           86,400
Retention rate - %                                                       G = (B - F) / B                    56%                 52%       51%              50%
Need analysis to reflect ShapingSEQ designation
Floorspace supported by catchment - sqm                                  H = B x 70%                    106,800           114,800      117,200         120,400
Floorspace demand by visitors - sqm                                      I = 2.5% pa                     28,550            32,400       34,900           39,600
Total supportable provision - sqm                                        J=H+I                          135,350           147,200      152,100         160,000
Floorspace provision balance (undersupply) - sqm                         K=J-C                           -21,200          -33,050      -37,950          -45,850

Source: Deep End Services




                                  Noosa Village Mixed Use Development – Economic Impact Statement for Development Application                    Deep End Services