RETAILERS FLOCK TO NORTHSHORE HAMILTON
Written on the 9 July 2015
NORTHSHORE Hamilton's spike in population has a number of retailers flocking to the area, in a bid to capitalise on the expanding market.
The continued development of Portside Wharf is expected to further fuel demand, with more than 670sqm of retail space added through Pinnacle and Link.
The completion of 190 residential apartments since February has resulted in the signing of four new leases totalling 343sqm.
Brookfield Residential Properties general manager Lee Butterworth says interest from retailers has never been stronger as the population density climbs.
"Our recent leases area clear demonstration that retailers recognise there is sufficient residential density here to justify their presence," Butterworth says.
"And with more to come, including 700 new apartments announced by the Queensland Government last week, their confidence in the area is increasing."
The new leases include fashion and homewares store Costa Moda, restaurant Bethong Thai, café Tree Cycle Coffee and health food outlet Pineapple Express.
Portside Wharf leasing agent Anna Dunworth says hospitality is the fastest growing retail sector in Brisbane, and fast and casual operators are driving the trend.
"The food and beverage leases we have just finalised include a slightly different, edgier offering that complements what is already on offer at Portside Wharf," Dunworth says.
"These operators recognise that the market is moving towards casual, approachable offerings with lower price points where people are happy to eat at a few times a week.
"While foreign retailers have been driving the market in the capital cities in recent years, these new operators at Portside Wharf are local to Brisbane which is great news for our economy."
There are now more than 530 completed residential apartments within Portside Wharf itself and thousands of residents in the immediate area.
The overall Northshore Hamilton urban renewal project has a master plan with thousands more apartments in the making and a population goal of more than 15,000 people.
Butterworth says in addition to the permanent population, the Brisbane Cruise Terminal brings in more than 220,000 visitors annually.
"Our retailers have access to an enviable mix of high calibre clientele and with the ever growing cruise industry and ongoing expansion of Northshore Hamilton, this client base will only grow," he says.
Portside Wharf is approaching 40 retailers, with a mix of dining, fashion and entertainment.