Much of the works are in an open-air environment with capability for ‘social distancing’ as practical and advised by regulatory bodies. Our builder is managing this situation and has implemented extensive site based protocols aligning with current government recommendations to support the health and wellbeing of their staff, subcontractors and the community. At the moment the Ipswich region is largely free from known cases of coronavirus, and further population growth and rate of housing construction remains high relative to other regions.
We are fortunate in the timing of the delivery of Yamanto Central which is targeted around a year from now, aligning with current forecasts of anticipated return to normality. No doubt, the ~50,000 residents in the main trade area will be eager to return to their normal social activities including shopping, fitness classes, hair and beauty appointments along with dining out with family and friends.
The presence of a large Australian Defence Force demographic within the catchment, with over 7,000 working on-base and further supporting industries located nearby, provides for strength and trade resilience in a potentially uncertain environment. Being located only 35 minutes from the Brisbane CBD, Yamanto remains an astute location to reside for those working in Brisbane or within Ipswich with affordable house and land packages. The existing household income profile in the immediate 3km radius remains substantially higher than comparable areas of established centres within the Ipswich region.
JMK Retail, the owner of Yamanto Central, remains a compassionate manager of shopping centres and are highly aligned with the requirement to support viable trade by implementing measures to support retail profitability. As a local and private family operator of shopping centres, JMK Retail are embedded in the community. Yamanto Central will inherently provide increased employment options through the creation of business opportunities within the Centre. We are highly supportive of franchise based operations and the leasing team at DMA Partners is more than happy to share their thoughts on suitability and provide detail on how we can commercially support entry to Yamanto Central.
From a strategic leasing perspective, DMA Partners and JMK Retail have always held the view that we can deliver a highly diverse retail mix with appropriate representation from various usages, without cannibalisation of trade due to over-representation or saturation. We are currently below industry benchmarks for various usages and representation within the Centre, providing an optimal environment for increasing trade potential. Yamanto Central maintains a high level of pre-commitment with high calibre tenants, with 75% of the Centre GLA secured.
We continue to progress with active leasing interest throughout this period. Feedback from many retailers is that comfort is found in the estimated delivery date of the project. We remain committed to provide highly flexible terms to alleviate concerns and elevate confidence in establishing successful business ventures.
The DMA Partners leasing team are available to discuss your current trade environment challenges and provide assurance regarding the strong support we can provide to you and your business moving forward and beyond the short term market impacts. We look forward to working with our retail partners towards a highly successful Yamanto Central.
Watch the latest construction update here.