A new $4.5m commercial development site by M-Space in North Lakes is set to expand North Lakes’ already thriving local business community even further. And with population growth of 40% in the past 4 years, it’s easy to understand why retailers are flocking to the suburb.
High-profile retailers like IKEA, Costco, and Bunnings attract 8m shoppers per year, meaning local businesses benefit from high numbers of foot and vehicle traffic. Whilst many businesses are entering the area, the increased demand is having an effect on local commercial lease costs.
M-Space spokesperson, Hamish Jackson, commented: “North Lakes is a fantastic location for local businesses, the suburb is growing rapidly and has support from several regional chambers of commerce. However, we’ve seen consistent increases in local lease costs and expect this trend to accelerate over the coming years. Businesses should certainly consider purchase over lease in order to secure their future in the area”.
In addition to M-Space, who are offering commercial property for sale below current lease costs, other big developments include Laguna, and Primewest, who cumulatively will add several dozen new opportunities for local retailers.
The local business community is supported by CCIQ North Lakes, who offer advocacy, support, and networking to the growing number of businesses. The chamber has seen a big increase in membership over the past six months, with the total number rising from 40-70 members since September. Dave Green, CCIQ President, commented: “North Lakes’ local business community is growing so fast we’ve had to start hosting events at larger venues, and we’re currently expecting to increase membership to 100 by March.”
Average annual household income in North Lakes is $10k above the state average, helping to fuel the fierce demand for commercial space, which will continue to drive lease costs over the coming years.
The latest research by Knight Frank shows that lease prices in Brisbane and South East Queensland are set to generate double-digit increases of 16.5% by 2020, and North Lakes is expected to emulate this trend.
Current commercial lease costs in North Lakes are $45k per annum; meaning prices could be $52.4k per annum by 2020. Given residential property value in North Lakes has more than doubled since 2006, its not surprise that increases in commercial costs will follow suit.
Businesses that are keen to join North Lakes’ business community are urged to make the jump soon, as competition is high and spaces limited.
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