Last chance to secure space in Warwick’s state of the art home and life centre

Due for completion in July, Colliers are pleased to announce BCF, Café 63, and Anytime Fitness will be joining the lineup at Warwick Home & Life.

With only 2 tenancies remaining, this is the last chance for retailers to secure a space in the new centre expected to service the captive population of over 35,000 residents.

Colliers Queensland Manager Retail Leasing Will Goldsworthy said “with the rising cost of construction restricting new developments getting off the ground, Warwick Home & Life presents a rare opportunity for retailers to walk in, fit out and commence trading”.

“There remains limited new supply coming to market in 2023, with new supply levels 33 per cent lower than 2021,” Will Goldsworthy said.

Colliers Queensland Associate Director Retail Marlon Crawford said “underpinning the tightly held nature of Large Format Retail properties, Colliers research shows that Queensland committed Large Format Retail supply out to 2025, currently only represents 49,428 sqm, of which this majority is dedicated to the Brisbane Metro Area”.

“Whereas growth in the Queensland household goods market is strong with current sales levels 29.8 per cent greater than pre-pandemic in 2019.

“With Large Format Retailers strongly performing across Australia, and the tightly held nature of existing LFR properties, this provides a very rare opportunity,” Marlon Crawford added.

The Warwick Home and Life centre is on a 6,075 m² site with 2,930 m² of net lettable area. With BCF, Anytime Fitness, and Café 63 already committed there is only approximately 1,300 m² left for lease.

The centre has about 80 metres of road frontage to the Cunningham Highway and large pylon and façade signage opportunities.

It has 63 on-grade carparks and is located in the city centre with existing key national retailers like Bunnings close by.

Warwick is a thriving regional hub, located approximately 130 kilometres south-west of Brisbane.

With unprecedented government investment, private investment and employment growth, the area is a major regional economic centre.

There are a number of commercial infrastructure projects underway in Warwick including the Macintyre Wind Farm currently under construction at a total investment of nearly $2 billion and local spend during construction expected to exceed $500 million, New Bunnings Warehouse (estimated project cost $40 million), John Dee Warwick meat processing facility expansion (estimated project cost $15 million) and Integria Healthcare Warwick expansion (estimated project cost $7 million).

Colliers Research Associate Director Nik Potter said spending on household goods in QLD was currently tracking at +3.0% on an annual MAT basis.

“This is primarily driven by strong consumer spending for Electronic Goods (+5.10%) and Hardware, Garden and Building Supplies (+5.55%),” Nik Potter added.

“Whilst household budgets are expected to tighten in 2023, the corresponding decline in residential household values has ultimately led to a reduction in the amount of residential properties taken to market.

“Similar to the trend experienced in 2020 by a lack of residential sales, the Large Format Retail sector has been a beneficiary of continued investment from consumers into home furnishings and minor domestic projects,” Mr Potter added.

The Gross Regional Product for Darling Downs and South West Region is estimated at $20.69 billion accounting for 5.35 per cent of the Gross State Product (QLD), it is largely contributed by Mining, Agriculture, Forestry and Fishing, and Construction being the top 3 sectors, 19.8%, 16.8% and 13.1%, respectively.