Diversity helps Rockhampton property market stay steady
ROCKHAMPTON'S diversity through a variety of different industries, including retail and health, has carried it through the mining downturn.
That's the view of Knight Frank Rockhampton region director Neale Crow, who spoke to The Morning Bulletin following the release of Herron Todd White's latest market report.
The report states the listing of the former Joyce Mayne building would be "a good test of the retail market" in the region.
But Mr Crow, who is dealing with the sale of the building, said the Joyce Mayne site wasn't an example of how the market was going. The site has 4000 sq m of floor space and 86 car parks.
Mr Crow said a land and building offering that size didn't come on the market often and was part of a "very tightly held" strip of retail site.
He said there had been interest in and offers made on the site, which was currently open to expressions of interest.
In terms of the wider region's commercial property market, Mr Crow said things had been "ticking along" with recent transactions along Quay St.
Mr Crow said while the mining downturn had affected the region, Rockhampton hadn't suffered the same fate as Gladstone and Mackay.
"I wouldn't say we're in a boom... but we're not in a bust either," he said.
The Herron Todd White report said while retail development had been "relatively quiet" over the year, the $6.6 million dining area expansion at Stockland Rockhampton would be one of the biggest projects since Allenstown Square in 2013.
The report also highlighted the evolution of the city's East St precinct, with a slow transition from office and storage space to residential units for some buildings in the area.
The report concluded this, along with Rockhampton Regional Council's planned revitalisation would change the area's profile over time.
"This will provide more opportunities in the long-term for a variety of ground-floor retail tenants," it said.
"In the immediate term however, vacancies are likely to remain high in this precinct."