We have a Woolworths coming to town!Has anyone got some first hand experience of how this has affected a regional town with a population of about 10,000 people?Pro or Con.We are in line of sight.Scott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
It all depends upon what else they are bringing with them – locally they are building a small shopping centre (15-20 specialty stores, Supermarket & Gym).
As the local council has 'bent over' and accepted a few shiny beads, they have approved an oversized white elephant with major concessions for parking (net loss from existing levels) and exceeded the permitted size of the development.
The addition of a full scale supermarket (3000m2+) will kill small retail in our centre, shifting the focus away from the high street into the new mall. Vacancies are already high about 5 long term and 4-5 newer vacancies exacerbated by the lack of parking caused by the development works. Rents away from the centre will suffer (new leases or market reviews).
usually when woolies come to town it means they know something about the upcomgin growth in the area. they dont' spend money without the backing of a lot of research. what are are you in?Jeff JohnsonMember@jeff-johnsonJoin Date: 2008Post Count: 50
Personally I would view it as a positive sign. As Matt said, they tend to do their homework and their projections must add up for the big commercial players investing in development. Same can be said for large govt spending infrastructure like hospitals tafe etc.
It is a shame about the smaller retailers being swallowed up in the process but that is all part of our society wanting convenience.ducksterParticipant@ducksterJoin Date: 2004Post Count: 1,674
Depends on what other business is in the town. If you have a local IGA in town they might not be happy with the expected loss of business but on the other hand more jobs for locals.
Benderfile – what area are you in?
One thing you could also look at is on the qld government infrastructure website or office of urban management and see what is being planned for your area/region, what infrastructure projects are being planned or being considered, anything like roads, hospitals, nearby airports, mines, anything that will impact on the growth of the area, even population projections. These are usually the things that groups like Woolworths look at before investing in an area.
Typically though if they're spending money to put in a shopping centre, they expect return on their investment, so it depends on your perspective, if growth in your region is a good thing, and an increase in people in the area etc, more jobs etc, is a good thing for you, then its a big PRO.
thanks for your responses all,My main concern is falling values of houses opposite or adjacent like my rental property.The local Jenman Real Estate agent is touting we will all lose 10-20% value being so close.Does anybody agree???As an investor, i believe it is a growth stimulator for the town.Hoping i dont have to take a step backwards first is all.i may have to buy another house here to offset!It will be just a woolies and a bottle shop for now. i had expected something like this 3 yrs ago when i bought.Matt 07-it is Mullumbimby NSW, contact me if you like.to recap like steve, does anyone agree line of sight properties will be detrimentally affected???cheers allScott No MatesParticipant@scott-no-matesJoin Date: 2005Post Count: 3,856
If the property is residential, already on the main drag then the effect will be minor (detriment) due to the additional traffic generated. If you are facing the loading dock or on the street where all the deliveries/braking/accelaration of trucks is to occur then it will be a little more (say 5-10%).
If you are in it for the long haul, what does the councils draft LEP hold for you? Is there a rezoning in the wings ie medium density or commercial? Does your block lend itself to that sort of development (size, width) or does it need to be amalgamated with adjoining sites?
ScottNoMates there is a moratorium on new builds in the town because of inadequate sewerage, new sewerage plant late 2010.The land opposite where woolies is going is State Rail, and the train service was cancelled 4-5yrs ago.i bought the rental because it had high return (house divided into 2 b/r flat and 2 b/r hse with sunroom) 6.5% and on a 960sm block with rear and side lane, in the hope that i may be able to plonk a dual occ later or even commercial (doctor/dentist/chiro). depending on new LEP.i have renovated house side now and plan to live in for 3yrs then re-rent at 9.7% yeild (on original investment) or develop if possible.there is growth still in this area-Tugun Bypass will cut travel time from Brisbane by 25mins and Byron Bay has gone nuts and now soft.it would be a bummer if i had to go backwards 25-50k because of the Woolies.Does anyone think rental properties are less affected by this kind of development?rant finished
I think the things mentioned above may be relevant, such as increased traffic flow, perspective in relation to the new building etc (ie: facing a front entrance vs a rear loading dock), but some of the impact will purely be subjective, such as perception and sentiment. That stuff you can't control. People will think what they want. I'd talk to council and find out what the implications are zoning wise, as by placing a large commercial enterprise directly across the road, they're setting precedent for further commercial development. That means, if your block is right across the road, you have a sound arguement with council for any material change of use or development approval application you (or a potential buyer) put in.
I'd stop focussing on any potential loss because no one can give you a definitive answer on that, and focus on what you can do with it in the future now that the things you can't control (such as Woolies moving in etc) are set in motion. Work with the things you can control (your ownership of the property, future uses, zoning information etc) and look for a solution.
There are a number of ways to approach this one.
thanks matt007,you are right i’ll get off that one and look for a solution, i know i am lucky to have such a problem.it is what i predicted 3 years ago its just i am more involved-i had never planned to live in it!cheers