Report shows ‘mixed bag’ in region’s retail sector
THE PROPERTY market in the retail sectors for Gladstone and Rockhampton have been described as a “mixed bag” according to a real estate report.
The Herron Todd White September report states the retail sector in Gladstone and greater Rockhampton had seen some shops benefit from a push for locals to support local retailers, while others had unfortunately felt the full force of the COVID-19 impact.
Property valuer Richard Dunbar said some businesses had recorded higher trade volumes which may prompt them to purchase properties.
“As purchasing in the current low interest rate environment can be cheaper than leasing, we consider that there is still a high degree of uncertainty in the retail property market, particularly for vacant space,” Mr Dunbar said.
He said investors were still active in the market for tenanted properties, but buyers remained selective with preference for properties with good unexpired lease terms.
Mr Dunbar said as with the agriculture, mining and resources sectors becoming more buoyant, there appeared to be greater discretionary income in some sectors of the community which could result in greater retail activity.
“In short, in the current changed retail landscape, some retailers will thrive whilst others may
unfortunately exit the industry,” he said.
“Sales and purchases of retail properties will remain reliant on the economic fortunes of their retail tenants, which are likely to remain volatile for the foreseeable future.”