Brisbane’s Retail Transformation
Over the coming years, the Brisbane CBD stands to benefit from several key developments, including the upgrade of Edward and Albert Streets, the redevelopment of Howard Smith Wharves and the development of the Queen’s Wharf precinct. The final Property Council retail event of the year, held on Wednesday, saw a wide-ranging examination of the future transformation facing Brisbane’s CBD retail offering.
Urbis National Director of Design, James Tuma, illustrated the context which will shape Brisbane’s transformation. Queen Street will remain the major High Street into the future, with the north-south ‘boy streets’ (Edward, Albert, George) providing the best opportunity for future retail growth. James outlined that the east-west ‘girl streets’ (Adelaide, Elizabeth, Charlotte) in the CBD were limited in their retail potential due to the lack of servicing access.
With 18 luxury brands not represented in Brisbane but present elsewhere in Australia, Colliers International’s Retail Leasing Associate Director, Kym Thrift, argued that there is significant room for growth in the City’s retail sector. Beyond the activation of Edward Street as a high-end retail precinct, and Albert Street as a food and beverage precinct, George Street represents a key retail growth area with the Queen’s Wharf project due to reactivate that section of the CBD. With Brisbane’s retail spend 47% larger in 2015 than 2005, the future transformation of the CBD will be driven forward by an increase in demand. Kym identified the rise of affordable luxury brands as a key area of future retail growth.
Fund Manager from ISPT Core Fund, Mark Bassett, outlined how the Queen Street Mall formed part of ISPT’s portfolio vision of “communities within cities.” The significant long term potential of Queen Street Mall has been recognised by ISPT, who are striving to make the Mall the ‘super regional of all super regionals.’ The necessity to reimagine old stock, the need to offer “theatre and spectacle” in new retail offerings and the heavy level of taxation on Queen Street Mall properties were all identified by Mark as challenges facing ISPT in the management of their Mall stock.
Moderated by Andrew Hogg, Savills Divisional Director and Chair of the Property Council’s Retail Committee, the panel discussion examined ways in which foreign interest can be attracted to the local retail offering. The panel members outlined that a good retail balance would be required to achieve a high performing core in the Brisbane CBD.
The Property Council would like to thank all of the speakers for sharing their insights, along with event sponsors Urbis and Yardi, for their generous support of the retail event series throughout 2015.
Photos from the event can be found here.
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