Attachment 7- Economic Impact Statement

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Table 13—Stage 2 Retail sales forecast

Use                                                                    GFA (sqm)                          Average sales       Total sales
Leisure                                                                      1,625                                $8,000            $13.0
Apparel                                                                      1,625                                $5,500             $8.9
Homewares                                                                    1,625                                $5,500             $8.9
Other non-food                                                               1,050                                $7,500             $7.9
Food & drink                                                                   575                                $8,000             $4.6
Total                                                                        6,500                                $6,669            $43.4

Source: Deep End Services


                            It is important to appreciate that the $74.6m in sales at the proposed Noosa Civic Village,
                            or indeed the $118.0m in sales across the application sites, does not represent the net
                            addition to total sales within the NBC (ie incorporating Noosa Civic and the Showroom
                            precinct), as some redistribution of spending from the existing Noosa Civic to Noosa
                            Civic Village will occur. These changes in sales at the existing components of the NBC
                            are examined as trading impacts in section 7.4 below.
                            After 2027, sales growth will occur generally proportionately with growth in total
                            catchment spending as described in section 5.2 (refer Table 5), possibly with slightly
                            higher-than-average sales growth within Noosa Civic Village and the Stage 2 Retail
                            component given the typical maturation profile for new retail developments.
7.4 Centre                  Estimated turnover in 2022 for those centres located within the catchment is summarised
impacts                     in Table 14, based on a variety of inputs including:
                            •    Information provided by Stockwell
                            •    Industry reports including benchmark averages publications
                            •    Industry knowledge obtained from individual clients
                            •    Observations from field visits
                            •    Consultant experience and judgement.

                            For the purposes of this analysis, adjustments have been made to reflect the opening of
                            the IGA at Sunrise Shopping Centre in November 2022, and to incorporate the additional
                            approved expansion of the Coles at Peregian Springs by +412 sqm (noting that this
                            approval has not yet been enacted upon).

                            In total, the identified centres within the catchment generated total estimated retail sales
                            of $1.3bn in 2022. The top 5 centres in terms of total sales are:

                            1.   Noosaville (incorporating various components extending from Gibson Road to
                                 Gympie Terrace)
                            2.   Noosa Civic and other components within the NBC
                            3.   Noosa Junction
                            4.   Noosa Heads
                            5.   NBC surrounds, which mainly comprises LFR traders within industrial precincts.

                            Overall, sales performance for the centres identified in Table 14 is estimated at $8,422 per
                            sqm, which is a very healthy average for the retail sector, and well above the typical
                            range of around $6,000-$7,500/sqm usually seen across internal and street-based
                            activity centres.


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