Changes to Report to incorporate Attachment H · MCU13/0092

Feresight

partnersoacr:

Table 4.4: Distribution of Impacts, first full year of trading, June 2015

 

 

Estimated turn
over at first year
Sources of

turnover Before After Equiv
Impacted centres $M % $M $M impact
Peregian Springs Shopping Centre (Coles) 3.8 30% 35.0 31.2 12.1%
Coolum Park Shopping Centre (Woolworths) 25 20% 37.0 34.5 7.3%
Coolum Shopping Village (Coles) 1.3 10% 27.0 25.7 4.9%
Noosa Centres 2.5 20% 250.0 247.5 1.0%
Peregian Beach Village 1.9 15% 25.0 23.1 8.2%
Other 0.6 5% N/A N/A < 1.0%

12.6 100%

 

 

Source: Foresight Partners Estimates

Around $3.8 million (30% of the proposed centres total turnover) is forecast to be
redirected from Peregian Springs Shopping Centre, which equates to an expected 12.1%
impact on the centre’s turnover in the first full year of trading.

Most of the population growth forecast for the Peregian area will be accommodated in
Peregian Springs, this will translate to significant growth in retail spending available in the
catchment for the Peregian Springs Shopping Centre and will contribute to ameliorating
the impacts of the proposed new centre.

All other impacts are forecast to be less than 10%, and include impacts on Coolum Park
Shopping Centre which has the nearest Woolworths to Peregian Beach, on Coolum
Shopping Village and to a lesser extent on centres is Noosa.

Most of the impact of the subject centre is forecast to occur outside the Peregian Beach
area; however the centre will compete to some extent with individual retailers in Peregian
Beach. A projected $1.9 million in sales is forecast to be redirected to the subject centre
from various local retailers. The IGA supermarket, which will generate the largest share of
sales, has no equivalent in Peregian Beach and will therefore have minimal impact on
local retailers. The eight retail specialty shops in the proposed development will add to an
existing network of approximately 100 retail and commercial outlets, which represents
only a small portion of the existing network. The forecast impact on existing village
retailers will occur mainly on individual stores that have a counterpart in the proposed
centre.

It is expected that a restaurant will occupy the largest retail space in the approved
Essence development, together with a small food store and other tenants. As the likely
tenancy mix is largely complementary to the proposed development, the impact of the
proposed centre on the Essence development is forecast to be minor and will not have a
significant impact its viability.

 

23
Needs Assessment, Peregian Beach Centre
13002 Rev 2
19 February 2013