West End boutique development makes Brisbane a hot spot
The introduction of a new boutique retail precinct in Queensland's vibrant and growing South Brisbane and West End suburbs presents new opportunities for those interested in commercial real estate.
The retail precinct will be located within The Glass Factory, a mixed-use residential, retail and commercial development on Brisbane's Vulture Street. Having already sold out its residential space, the developers are looking to attract a variety of retailers to its 704 square metres of retail and 230 square metres of commercial space.
The development is led by Queensland-based property development company Turrisi Properties, which specialises in creating developments which harmonise with their surroundings. The building is comprised of 47 residential apartments, as well as three street frontages and off-street visitor parking, making it a convenient and ideal commercial retail property.
With the influx of commercial, retail and residential space, more developers may choose to launch projects in this thriving area. Mixed-use development is increasingly appealing to families and businesses, who seek easy access to all their needs.
Boutique precinct a perfect fit for retailers
This area is one in which commercial investors can benefit greatly. According to the April 2014 State of the States report from CommSec, Queensland has the fourth strongest economy in Australia, and it ranks third in both economic growth and retail spending, behind only the Northern Territory and Western Australia. In fact, retail spending was up 13.7 per cent in the state, compared to decade averages, which indicates the area's future is looking strong.
The demographic of the surrounding area also looks to give retailers an advantage. Thirty-nine per cent of residents are in the 20-34 age range, and are mostly young professional couples with high individual and household incomes, according to a May 7 press release. Additionally, according to an Urbis study, residents are spending up to 49 per cent higher than the average Brisbane citizen on services, retail products, food and beverage.
"On the back of the growth we have seen in Brisbane's inner city residential markets over the past 18 months ... Brisbane's inner retail markets are primed for growth," says Mr Turrisi.
The Brisbane area looks to be a prime opening for both real estate investors and buyers looking for an exciting, cosmopolitan living or commercial space. It may pay to have a talk with your local real estate consultants at LJ Hooker.