New shopping centres for North Buderim and Caboolture

TWO new shopping centres are about to pop up north of Brisbane, including one that has been delayed by a lengthy legal battle.

An artist's impression of the Coles-anchored neighbourhood shopping centre at North Buderim.

AFTER a lengthy legal battle work is scheduled to start early in the new year on a Coles-anchored neighbourhood shopping centre on the Sunshine Coast.

Despite a growing population and a lack of retail options it has taken three years for town planning approvals to allow construction to start on the Harvest Property development at 141 Jones Rd, North Buderim.

Last month the Queensland Planning and Environment Court found in favour of an appeal by the developer against Sunshine Coast Regional Council’s refusal to allow the project.

Harvest Property director Chris Slack said the court’s decision was a vindication of council officers’ original support for the project against opposition from local supermarkets.

In his decision the judge found evidence of the potential impacts by the new shopping centre on North Buderim IGA to be exaggerated with the store currently trading at double the figure required to be economically viable.

It also found that Woolworths Buderim’s figures were 25 per cent higher than Australian averages for comparable populations.

Mr Slack said the Sunshine Coast, with a growing population, was in need of another five to seven neighbourhood shopping centres.

“It’s such a strong site and there are very limited development opportunities on the Sunshine Coast,” he said.

“At the end of the day the current town plan for the Sunshine Coast does not allow for growth in business and retail offerings ... as evidenced by their own staff reports and the decision by the court to overturn the council decision.”

The neighbourhood shopping centre is currently on the market for pre sale through Savills’ Peter Tyson and Jon Tyson. The campaign has already received strong interest from local and interstate investors.

The centre has a gross floor area of 4753sq m and is on a site area of almost 2ha. It has 15-year lease to Coles (3688sq m) plus specialty shops including a Liquorland.

Mr Slack said the judgement found that the full line supermarket can be sustained by a catchment of 9000 people.

“The judgement said we have 12,500 people in the catchment which is projected to increase to 15,300,” he said.

“So I think what has to happen is that council needs to have a good long look at the existing town plan and marry up the area’s growth with appropriate locations for increased retail amenity.”

Artist's impression of Pumicestone Marketplace in Caboolture.

Meanwhile closer to Brisbane, a new neighbourhood shopping centre development has secured a Supa IGA anchor tenant and two specialty retailers on long-term leases.

Civil works at the Pumicestone Marketplace site in Caboolture will start next month with building works to follow in March next year.

The 4500sq m shopping centre on the corner of Pumicestone Rd and Ardrossan Rd will open in the last quarter of next year. The site was purchased by Axis Capital for $3.3 million in June last year.

Axis Capital director Robert Bitomsky said they intend to hold the asset once it is developed and leased.

“There were two main factors influential in the purchase decision,” he said.

“Firstly, the Caboolture corridor is forecast to experience rapid growth in the future.

“Secondly, we are already seeing this precinct developing into a strong thriving community hub, with the Pumicestone Primary School opening, Pumicestone/Ardrossan/Cottrill roads upgrade works, new petrol station and the Halcyon Glades retirement living development all underway.”

Axis Capital secured Supa IGA as their anchor tenant across 3000sq m on an initial lease term of 15 years.

Colliers international’s Garry McDowall subsequently negotiated a 10-year lease with a 10-year option for a 200sq m pharmacy and a 120sq m medical centre.

“We are now leasing the remaining tenancies now with sizes ranging in area from 60sq m to 250sq m,” Mr McDowall said.

“The type of operators we are seeking are from the general retail, service retail, food and medical sectors.”