Independent research shows North Lakes retail trade set to boom
New residents, students and commercial businesses continue to flock to North Lakes, making it the fastest growing region in Queensland according the latest Census data. Contributing to this growth are a number of major drawcards including:
- close proximity to beautiful beaches
- wealth of recreational and sporting amenity
- easy access to the Brisbane CBD and airport
- recently completed rail link
- new 200-hectare University of the Sunshine Coast (USC) campus in planning
- wide choice of housing product on offer
The recently released 2016 Census data shows that over the past decade the Moreton Bay region has experienced an average annual population growth of 7.5 percent. And this growth is set to continue. North Lakes’ population is forecast to increase by approximately 31 percent over the next decade.
Additional independent research commissioned by the developers of Laguna North Lakes - a visionary new mixed-use precinct in the centre of the North Lakes CBD - has shown that on the back of forecast population growth, retail trade is also set to boom over the next ten years.
Patrick George, Director, George Group – a joint venture partner in Laguna North Lakes - said retail trade in the area is set to grow significantly in the coming years.
“Our specially commissioned research has indicated that by 2031 retailers in the North Lakes trading area can expect a total consumer spend potential of over $600million per annum,” said Mr George.
“North Lakes and the surrounding Moreton Bay region already benefit from a strong regional economy valued at nearly $13billion in 2016,”
“And with average annual household incomes already roughly 12 percent higher than that of greater Brisbane, the spending power of local residents is only set to further benefit new retailers, commercial businesses and hospitality operators relocating to North Lakes.”
The Laguna North Lakes project, will be creating a vibrant new retail precinct for Northern Brisbane, centred around a tree-lined, pedestrian-orientated high street. The innovative outdoor retail precinct will form the central spine of the 1.7-hectare project. Leasing of retail space has commenced and Mr George added that the project is already seeing a wealth of interest from locally-based and national retailers who are seeing the benefit of opening operations in the growing region.
“The strong market fundamentals are attracting a diverse choice of retailers; from small-bar operators and local coffee vendors, through to boutique fashion retailers, independents and well-recognised brand names will all contribute to creating a much-need, vibrant retail destination for the growing residential population of Northern Brisbane,” Mr George said.
“North Lakes is also an extremely sought-after location for commercial businesses considering the growing retail amenity, improved transport linkages and access to relatively affordable housing stock for their employees.”
On completion, Laguna North Lakes will feature 5,000sqm of boutique retail, 10,000sqm of commercial office space, a regionally significant function and events centre, a 140-room hotel as well as a new aquatic centre.
Construction of the project is planned to commence in early 2018, with completion targeted for late 2020.