Renew Varsity Lakes on the agenda

By Tracey Langdon, Bond University journalism student
 
Varsity Lakes is considering a scheme to offer short and medium-term leases in vacant shops in a bid to increase foot traffic in the area.
 
The model has worked successfully to revitalise Newcastle’s ailing CBD, attracting artists, cultural projects and community groups to use and maintain unlet spaces to generate activity until permanent businesses move in.
 
The Varsity Lakes business community has examined the not-for-profit Review Newcastle scheme and is interested in trialling something similar at Varsity.
 
Principal of Economic Development for Varsity Lakes Peter Cummins said the initiative was “definitely on the agenda.”
 
“Main Street is struggling, it has fragmented ownership and doesn’t have group marketing advantage like larger shopping centres,” Mr Cummins said.
 
 “The idea is to increase foot traffic in the area until it reaches critical mass.”
 
Renew Newcastle offers 30-day leases with a small financial agreement. The concept is aimed at people who want space but can’t pay high rent.
 
“The idea would be to approach building owners,” Mr Cummins said.
 
“Gold Coast City Council has lists of industry groups who would be likely to fit the profile and want short-term leases.”
 
If long term tenants wanted to rent the space, Mr Cummins said they would look at relocating short-term lease holders but keep them in the area.
 
Mr Cummins has invited the founder of Renew Newcastle Marcus Westbury to take a look at Varsity Lakes in the hope it can follow a system that is already working and has the legal concerns covered.
 
Varsity Lakes Community Limited board member Amy Degenhart said the Varsity had great potential.

“Varsity Lakes is an ideal business incubator,” Ms Degenhart said.
 
“What better way to activate our precinct than to ensure space is used creatively when not occupied through art exhibitions, artists in residence and community enterprises?
 
“We may also focus on virtual businesses that still want to present a real face to the world.
 
“I even feel that there is a place for the concept of micro finance, a discussion usually reserved only for third world countries.
 
“We have so many young people from our local high school and university who are rich with ideas, but perhaps no so rich with capital.”
 
 
Caption: Principal of Economic Development Peter Cummins standing on Main Street, Varsity Lakes.