Background_E_Market_Assessment - Shoalhaven City Council ...

Nowra CBD Master Plan – Market Assessment• Property prices are increasing, resulting in affordability issues and housing stress among some households;and• The potential yields of large underdeveloped residential sites are diminishing due to development constraints,such as flooding.To accommodate the increase demand for urban growth due population growth, the Structure Plan considers a newurban centre, urban expansion and urban consolidation.Previous feasibility studies have indicated that in most areas in Nowra Bomaderry it is not viable to replace existingdwellings will medium density housing. The market has generally resisted medium density housing and smaller lotsizes. However there has been a shift to smaller household sizes in recent years, with this trend expec ted to continue inthe future. This has meant that various forms of medium density housing and mixed use development would now beappropriate in the Nowra Bomaderry area. Therefore Council should take opportunities to increase densities whereverpossible, with consideration given to affordability, heritage and environmental factors.The Structure Plan identifies 6 areas within the existing Nowra Bomaderry urban area and has assessed their potentialfor urban consolidation – Bomaderry, North Nowra and Nowra CBD (north, south, east and west). In total these 6 areascould provide 8,624 new dwellings, a net increase of 6,670 dwellings. Nowra CBD could provide 4,480 new dwellings, anet increase of 3,383 dwellings.Retail and Commercial CentresBased on a 2005 Leyshon study, the Structure Plan recognised there were around 349 retail establishments in NowraCBD, of which 295 were in the CBD West and 54 in the CBD East. This equated to around 48,000sqm of retailfloorspace. In addition, there is was around 8,640sqm of bulky goods floorspace within the CBD.The Leyshon study indicated that in 2006, there was an existing shortfall of 12,410sqm of retail floorspace in the NowraBomaderry trade area. Furthermore, around 27,800sqm to 29,630sqm of additional retail floorspace be demanded bythe trade area to 2021. Coupled with the existing shortfall, the trade area requires an additional 40,210sqm to42,034sqm by 2021 to meet demand.There are 3 main bulky goods areas in Nowra Bomaderry, being South Nowra, Bolong Road and The John Bull Centrein Bomaderry. South Nowra attracts bulky goods retail spending from beyond the Shoalhaven. Leyshon indicatedaround 15,000sqm of additional bulky goods floorspace is required in the Nowra Bomaderry trade area by 2021 to meetdemand. Of this, around 10,000sqm to 12,000sqm of additional bulky goods floorspace should be provided in SouthNowra by 2021.The Structure Plan provided the following objectives for commercial areas:• Maintain and enhance the commercial primacy of Nowra CBD as a major sub-regional centre;• Maintain and enhance the economic viability of existing neighbourhood centres, such as Bomaderry, EastNowra, North Nowra and Lyndhurst; and• Provide for the development of new viable neighbourhood centres.The Structure Plan also provided the following information regarding retail expansions:C09143 Page 16 Hill PDA