With Woolworths and BWS already confirmed, Frasers Property Australia has put out a call for retailers to join the mix at The Waterfront, Shell Cove and take advantage of a once-in-a-lifetime opportunity to secure prime space in one of the most exciting new landmarks on the NSW coast.
Stage one of the Shell Cove town centre is expected to open in the last quarter of 2018. It will comprise a 4,450m2 neighbourhood retail precinct with a distinct local flavour, anchored by a 3,577m2 full-line Woolworths supermarket and with nine specialty shops.
The nine specialty tenancies range in size from 20m2 to 160m2 and will suit a variety of retailers with one proviso: they must fulfil a local community need.
“The objective is to tailor the retail offer at The Waterfront, Shell Cove to the specific needs of the local community and catchment. This is often best achieved by welcoming local retailers into the tenant mix, and this is what we’re looking to do at Shell Cove,” explains Tim Moore, General Manager – Retail Leasing, Frasers Property Australia.
“In this way, the neighbourhood shopping centre has a real local identity that the residents in the community can bond and connect with. “This is an opportunity to set up a business within walking distance of many people’s homes, in the heart of a burgeoning tourism hotspot,” Moore says.
The fundamentals for retailers are compelling. The main trade area catchment for The Waterfront, Shell Cove is 22,000 people and growing, and Shell Cove itself is already home to around 5,000 people, a figure expected to grow to about 9,000 residents when the community is complete.
According to Location IQ, more than half of the main trade population are families (couples with dependent children) and the average household income in the area is just shy of $100,000 – about 30% higher than the NSW non-metro average.
Retail spend in the centre’s main trade area is currently estimated at $280.2 million and is projected to increase at a rate of 5.1% per annum to $508.1 million by 2026 (inflated dollars and including GST).
“The vision for the shopping centre will complement the area’s existing attractions and will draw people in not only from the local community, but from the wider south coast region,” Moore says.
“This shopping centre will be a convenient destination for people to grab a coffee and do the weekly household shop – all in one place. For those looking to set up shop and enjoy the upside in a growing community, The Waterfront, Shell Cove shapes as a rare opportunity.”
With stage one of the town centre well underway, stage two will comprise a waterfront restaurant precinct with about six eateries, a car park and 45 apartments. Stage two is expected to be delivered in 2019.
