Big retailers ride boom on Sunshine Coast
LARGE format retailers are basking in the booming Sunshine Coast with the region's population growth driving continued demand for household goods.
In a bid to capitalise on the growth of the local consumer market, new retailers are moving into the area.
Two new tenants have recently signed leases at the Harvey Norman-owned and anchored Maroochydore Homemaker Centre.
Furniture retailer James Lane has taken a seven-year lease on a 958sq m showroom, while The Custom Sofa Centre has signed a five-year lease on a 446sq m space.
The leasing commitments mark both retailers' first Sunshine Coast locations.
Rental rates have not been disclosed but industry sources said the showrooms would have fetched $350-$400/sq m a year gross.
The retail centre at 11-55 Maroochy Boulevard spans 32,620sq m and features more than 25 tenancies and 900 undercover car parks.
In addition to Harvey Norman, the centre features many other leading large format retailers - including Fantastic Furniture and Nick Scali, which has recently recommitted to its 1969sq m tenancy for another five years.
CBRE's Andrew Brimson and Sam Macgregor negotiated the leases.
"The Sunshine Coast, and in particular Maroochydore, offers excellent fundamentals for large format retailers," Mr Brimson said.
"There has been huge population growth in the region over the past decade, with this trend forecast to continue for another 20 years at least.
"To accommodate this influx of people, large numbers of new dwellings are being developed and this is driving continued demand for household goods."
Mr Macgregor said the retail centre was on the doorstep of the Maroochydore City Centre project, a 53ha site declared a Priority Development Area by the Queensland Government and being transformed into the new central business district for the Sunshine Coast.
"Maroochydore Homemaker Centre is the premier destination for home and lifestyle shopping on the Sunshine Coast and it is well positioned to further benefit from this major development," he said.