|
(By Courtney Wilkie and Sophie Whish - Bond University journalism students)
The sale of commercial properties on Varsity Parade by Solmac Developments, the original developers of Market Square, has left locals with mixed views about the future of the area.
In recent months, locals said they had seen more than five businesses close down and CB Richard Ellis leasing figures showed high office vacancy rates.
In an interview with GoldCoast.com.au Solmac director Stephen Soloman said once businesses were established they had always planned to sell the developments.
However, in last six months the Market Square medical centre moved to Burleigh Heads and the chemist and newsagent closed.
The Waterdale Jewellery and The Basement clothing stores have also closed down.
Meanwhile, CB Richard Ellis office space leasing agent Tania Moore said lower rents in the area attracted businesses.
The leasing situation was also reflected in the office market.
Ms Moore said the vacancy level in the Varsity Lakes office space was around 22 percent.
Independent Capital Partners private equity director Dennis Wilkie said around five to seven percent of unoccupied office space was in the normal occupancy range.
“Vacancies north of 15 percent are considered high,” he said.
Varsity Lakes Online reported Delfin Lend Lease have recently established The Market Square Retailers group to promote the area as a one-stop-shop for convenience, shopping and dining.
KymDesign store owner Mrs Anthony said she thought Market Square could have a prosperous future.
“We thoroughly appreciate all of Delfin’s efforts to support the businesses here,” she said.
|