A major urban rejuvenation project is presenting enticing opportunities for retailers in the heart of Queensland’s historic city of Ipswich.

The renewal project has included a major upgrade to the century-old character of Ipswich’s original downtown area at Nicholas Street, culminating at Tulmur Place – the city’s new civic square with an excess of 4000 sqm of public space. The redevelopment is part of the city’s move to revitalise its traditional town centre after years of neglect.

With the Ipswich Central Train Station, Ipswich City Council’s administration building and libraries in close proximity, the recent enhancements have already begun to open up fresh dining and retail tenancies poised to take advantage of a comprehensive activation program involving markets, expos, fairs, live performances, interactive school holiday activities and community gatherings in the precinct.

According to Nicholas Street’s Precinct director James Hepburn, the city’s new administration has driven the area’s revitalisation strategy with a vision to bring life back to the inner city. Ipswich City Council has acted as the developer for all civic, retail and commercial assets, with the total cost for development coming in at just under $300 million. 

“Towards the latter half of next year, the final phase will deliver the city a significant amount of precinct real estate together with a revitalised city centre,” said Hepburn. “Council has moved from being a civic developer, building the libraries, its administration building, public square and a major renovation to the 1000-space car park into becoming a retail developer as well as a precinct and place manager.

“There are several phases of retail development, delivering about 40 tenancies spread across retail ranging from those typical services you find within the city centre such as pharmacies to cafes and bars. Beyond that, we’re now deeply focused on linking the city’s cultural offer with genuine food and leisure offerings.”

“The majority of our tenants are going to be food and beverage offerings, such as coffee shops and dining supported by services tenancies such as a pharmacy,” said Hepburn. “This will lead to a reinvigorated evening economy, with a cinema and leisure mini-majors in the form of bowling, karaoke, laser tag, virtual reality and kids play as an example.”

To date, the initial retail tenancies have proved highly successful. Crowd favourite Gelatissimo, for example, reportedly far exceeded its sales forecasting for last year. The store is now anticipating even greater sales through the first half of this year when numerous activations and events are expected to draw crowds from across the city and even beyond.

A major opportunity exists with the area’s vast catchment, with one of the youngest and fastest-growing demographics in the region. Now in full leasing mode, the Nicholas Street project is currently offering retailer tenancies particularly centred around the food and beverage environment, with several openings available in the space during the first half of this year. As the planned cinema venue takes shape – already pre-let to a major movie exhibitor – strong dining and leisure opportunities within the entertainment-driven venue will be launching this coming Easter.

“That’s key to what we’re doing within this brand,” said Hepburn. “The design and place activation of the precinct is important to connect with the community through events, focusing on deep penetration into a wider catchment to bring families to the precinct. That gives our city centre product and experience a big point of difference from other city centre environments.

“We have supported numerous events, from the night market to a dog festival, which have attracted thousands of people and brought a huge volume of attention to the brand. In doing so, we’re starting to reinforce to the catchment that they can come here for a family experience supported by food and beverage, demonstrating to the market that there are great sales to be made here.”

As the new urban heart of a fast-growing Ipswich, the Nicholas Street precinct is a culmination of history, opportunity, arts, entertainment, leisure and culture alongside centuries-old character upgraded with a mix of contemporary offerings and amenities. The location is poised to become the city’s leading lifestyle, leisure, entertainment and cultural destination, marking the rebirth of a once run-down CBD that is now welcoming back the community through civic spaces, cultural alignment, events, commercial offerings and architecture.

For more information about retail opportunities at Nicholas Street, visit www.nicholasst.com.au.