Retail is the Gold Coast's largest industry, according to the Australian Bureau of Statistics, making up over 12 per cent of employment by industry – ahead of healthcare and construction.
The majority of this growth can be attributed to the increase in tourism in the area, with the swell of Chinese and New Zealand tourists contributing to the strong growth in the retail sector reports City of Gold Coast's Tourism Industry Report. Chinese visitors have increased 13 per cent in the area alone.
It's an exciting time to be part of this vibrant community in the Gold Coast. In this article, we'll look into what commercial construction projects are currently underway, and what's on the horizon for the Gold Coast in the future.
As part of keeping track with growth in the area, it's important for those looking to invest in commercial property to have a handle on both new and upcoming construction and development projects. Considering the importance the retail sector has in the Gold Coast, here are a few major developments going on in the area
More than $13billion in major infrastructure projects are planned or underway in the Gold Coast, according to Australia's Gold Coast, spread across various industries and services, such as Gold Coast Light Rail, Health and Knowledge Precinct and CBD development, heralding an age of growth for the region. In the retail industry, there is plenty on the horizon for those looking to lease commercial property on the Gold Coast.
Developers Sunland Group have announced plans to create a $100million retail precinct called 'The Lanes' in Mermaid Waters. According to the Australian Business Review, the leisure-lifestyle village will feature 17,135m2 of cafes and restaurants, green market square, international-grade showrooms as well as entertainment facilities.
"The Lanes presents an opportunity for retailers to become a part of this unique master planned environment, which over the next decade will become home to 3000 to 4000 residents, all living within walking distance of the retail village," Sunland managing director Sahba Abedian told the Australian Business Review.
On an even bigger scale, $1billion is to be invested in the development of Coomera Town Centre which – according to the Daily Telegraph – will be the largest shopping precinct in the city's north. Once completed, the centre is expected to create over 1600 jobs.
"The people of Coomera have been waiting for this project to come to fruition for many years and are now on the cusp of it becoming a reality," said Area councillor and city planning boss Cameron Caldwell to the Daily Telegraph.
Whether you're in the retail, tourism or other industry, the Gold Coast is a hive of activity and opportunity. To find out more about setting up shop in this exciting area, get in touch with the team at Ray White Surfers Paradise today.