A Living Inclusive Village Environment
Lane Cove is uniquely located in the Northern Sydney Region only 8 kms from Sydney's CBD.
It is geographically contained, surrounded by the Lane Cove River and major arterial roads. One of the more leafy suburbs of Sydney it fosters a unique sense of community.
Lane Cove's heart is the Village, an intimate commercial centre, in distinct contrast to the major large covered shopping centres of Chatswood and Macquarie Centre.
In the late 60s and early 70s Lane Cove Village became a focus for many artists and musicians living in the area. In particular well known artists Lloyd Rees and Guy Warren directed their creative energy into the Centrehouse Art & Leisure Centre. This creative vibrancy has had a positive effect on the Village. Today, the Village has maintained a human scale of architecture which is much valued by the community and there are lots of Place Making entertainment events throughout the year, in the Plaza
Place Making events in the Plaza
The completion of the new Woolworth's Market Square supermarket and arcade in 2009, has resulted in a number of strong brands being attracted to the centre. This will be valuable in ensuring the success of the centre and will have the potential to assist with the introduction of more niche shops.
The new development also includes a fabulous new Library and a new Fitness Centre.
The car parking layout for the centre is robust with an even distribution of spaces around the centre.
The Lane Cove catchment (postcode 2066) has a population of 26,150 residents in approximately 10,000 dwellings and half of postcode 2064 has a further 4,850 residents giving a total catchment of 31,000 residents.
A further 3,900 dwellings are expected in Lane Cove over the next 20 years. This will generate an additional 10,000 residents in the catchment. This represents a 40% increase in the number of residents and hence a positive economic outlook for retailers over this time.
Any increase in population will result in a major contribution to existing businesses
Average Income levels in Lane Cove are between 60% - 90% above Australian averages
Overall the average retail spending profile for Lane Cove residents is 34% above NSW averages
Lane Cove residents currently spend $440M p.a. not necessarily locally but throughout the catchment, on retail goods and services, comprising
- $255M p.a. is spent on food & grocery and convenience based spending
- $160M p.a. is spent on fashion, personal and leisure spending
- $25M p.a. on bulky goods or large format retail goods such as furniture and electrical goods
- The vast majority of catchment spending ($365M p.a.) is generated from postcode 2066 and $75M p.a. from half of postcode 2064.
Government targets for Lane Cove of 10,000 additional residents would be expected to add a further $150M p.a. to the available pool of dollars
Lane Cove Village accommodates 290 businesses within the designated Lane Cove Village, and comprises:
- 120 shops (41%)
- 50 cafes and restaurants (17%)
- 120 non retail businesses (41%)
The retail tenant mix (120 shops) in Lane Cove comprises:
- 25 food/grocery
- 10 convenience
- 22 personal services
- 24 fashion
- 10 household & appliance
The retail sector is located between the two main streets in Lane Cove Village, Longueville Road and Burns Bay Road.
Burns Bay Road – anchored by Coles and the brand new and innovative Thomas Dux is dominated by food and grocery, convenience and personal goods as well as cafes and restaurants. Longueville Road now comprises a higher proportion professional services and non retail services
Lane Cove Village businesses are estimated to be capturing $165M p.a. with an industry average sales productivity of $6,500 p.a. for each square metre of food and grocery floorspace and $3,300 p.a. for each square metre of fashion/leisure and personal floorspace
The 120 stores and 50 cafes are estimated to represent 26,000sqm of retail floorspace and be capable of capturing between $150Mp.a. and $175Mp.a. These figures are consistent with the market share capture rates ($164M p.a.).
Figures referred to are from the 2007 Village Profile & Centre Analysis