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Economic and Cultural Development Committee — 2026-10-15
2. Nicholas Street Precinct September 2026 Redevelopment Progress Report
Economic and Cultural Development Committee
Meeting Agenda
15 October
2026
Doc ID No: A13437726
ITEM: 2
SUBJECT: Nicholas Street Precinct September 2026 Redevelopment Progress Report
AUTHOR: Precinct Director
DATE: 6 October 2026
Executive Summary
This is a report concerning the September 2026 Nicholas Street Precinct (NSP) Redevelopment Progress Report focussing on the status of the leasing program and the planning, development, delivery and ongoing management of the NSP.
Recommendation/s
That the September 2026 Nicholas Street Precinct Redevelopment Progress Report be received and the contents noted.
RELATED PARTIES
CBRE – Precinct Manager and Leasing
Colliers – Retail Leasing
Studio Spillane – Retail Design Manager
ifuture Theme
Vibrant and Growing
Purpose of Report/Background
The purpose of this report is to provide a progress report on the Nicholas Street Precinct (NSP) Redevelopment. A Nicholas Street Precinct Project Control Group (NSP PCG) was approved by the Council as part of the governance for the redevelopment. The NSP PCG supports the Economic and Cultural Development Committee in providing governance and strategic direction for the planning, development, delivery and ongoing management of the NSP. The PCG generally reports monthly to the Economic and Cultural Development Committee on the planning, development, delivery and operations of the NSP assets.
The PCG met on 10 September 2026 and the draft meeting minutes are contained in Attachment 1.
CBRE was engaged as the property manager and leasing agent for the NSP retail assets on
14 October 2025. CBRE provides these services under contract to Ipswich City Council with Council responsible for oversight and management of CBRE’s performance under the contract.
The table below identifies the status of retail and commercial leasing as at 30 September 2026. The lease documentation being prepared relates in the table below relate to a proposed tenancy for 2B05 in Tulmur Walk.
Deal Status
As at 30 September 26
As at 31 August 26
Lease Documents Being Prepared
1
1
Lease Documents Issued for Execution
0
0
Leases Executed by Lessee
31
31
Leases Pending Approval by Lessor (Council)
0
0
Leases Executed by Lessor (Council)
31
31
Placemaking and leasing strategy work remains ongoing for the NSP with the team working closely with CBRE’s national and local agency teams. There are ongoing new enquiries and tenancy viewings indicating improved market sentiment to the NSP and Ipswich.
MARKETING AND COMMUNICATION
Precinct foot traffic for the period 1 September 2026 to 29 September 2026 reached 264,162, representing a 1.2% decrease compared to September 2025 (267,329). Despite the slight year-on-year decline, foot traffic increased 11.8% compared to August 2026 (236,367), driven by the commencement of the September school holiday program and the highly successful Safari in the City activation.
Year-to-date foot traffic reached 2,404,486, a significant 48.3% increase on the same period in 2025 (1,621,393), reflecting the continued success of Nicholas Street Precinct's events, activations and placemaking initiatives.
Overall Statistics
September
2026
September
2025
% +/-
YTD 2026
2025 YTD Comparison
% +/-
July
2026
% +/-
Foot Traffic
264,162
267,329
-1.2%
2,404,486
1,621,393
+48.3%
236,367
+11.8%
A key contributor to September's performance was Safari in the City. Running from
21 September to 4 October 2026, the activation featured 24 animatronic safari animals installed throughout Nicholas Street Precinct and Tulmur Place, encouraging families to explore the city centre and increasing visitor dwell time. Complementing the activation, Nicholas Street Precinct hosted a free Jungle Safari Workshop, attracting 168 children on
21 September and 180 children on 22 September, with participants completing a safari trail using maps and activity packs to discover animals across the precinct.
Additional school holiday programming included a five-day Dora Live Show, mini markets and a colouring-in station, further enhancing the family offering. These activities encouraged increased foot traffic throughout the precinct, providing greater exposure for retailers, food operators and specialty stores. Several retailers reported increased sales during the first week of the school holidays, demonstrating the positive commercial impact of the activation. The combination of immersive experiences, extended dwell time and family-focused programming supported foot traffic growth, retailer engagement and strengthened Nicholas Street Precinct's position as a leading destination for school holiday entertainment in Ipswich.
Planning is underway for further engagement with the Mayor, Deputy Mayor and Councillors on the overall investment management strategy for the Nicholas Street Precinct following a series of three workshops held over the past ten months. During September 2026, an updated financial valuation for the Nicholas Street Precinct together with updated performance reporting by CBRE was shared with the Mayor and all Councillors.
Legal IMPLICATIONS
This report and its recommendations are consistent with the following legislative provisions:
Local Government Act 2009
Local Government Regulation 2012
policy implications
Nil
RISK MANAGEMENT IMPLICATIONS
A copy of the consolidated Nicholas Street Precinct project risk register is included as confidential Attachment 2.
Challenges continue with retail leasing in the current market conditions. These conditions include the increased cost of goods, consumer caution in relation to spend and the ability for the retail and hospitality industry to absorb this over time.
Achieving legally binding agreements for lease and sub-leases with prospective precinct tenants remains a critical outcome given completion of the refurbishment works.
Financial/RESOURCE IMPLICATIONS
The table below summarises the current capital project budget and forecasts to finish. The final project cost is forecasted to be within budget.
Project
Current Budget
Committed Contracts and Variations
Forecast Contracts and Variations
Forecast Final Cost
1
Civic Project
$188,020,704
$183,983,472
$0
$183,983,472
2
Commonwealth Hotel
$16,652,052
$16,547,896
$104,156
$16,652,052
3
Retail Project
$34,407,196
$36,219,078
$2,225,351
$38,444,429
4
Venue Project
$71,935,639
$67,925,910
$4,009,728
$71,935,639
TOTAL
$311,015,591
$304,679,494
$6,336,097
$311,015,591
The civic and retail cashflow for recent months is captured in the table below:
Month
Monthly Expenditure
Monthly Total
June 2026
Retail: $60,640
Civic: $0
Commonwealth Hotel: $0
Venue: $0
$60,640
July 2026
Retail: $40,766
Civic: $0
Commonwealth Hotel: $0
Venue: $0
$40,766
August 2026
Retail: $78,301
Civic: $0
Commonwealth Hotel: $0
Venue: $3,138
$81,439
September 2026
Retail: $37,339
Civic: $0
Commonwealth Hotel: $0
Venue: $0
$37,339
Note: The September 2026 figures are estimates only and are subject to change following completion of month-end entries.
The retail precinct’s short-term commercial success remains dependent on identifying, attracting, and securing a commercially viable tenancy mix through executed leases. Medium to longer term success will require a comprehensive and ongoing activation and operational focused management strategy to support tenants and deliver a revitalised and fully activated precinct.
COMMUNITY and OTHER CONSULTATION
The contents of this report did not require any community consultation.
Conclusion
Month on month foot traffic increases reinforce market confidence in the NSP product and continue to strengthen the leasing campaign to secure tenants for the precinct. The completion of major works across the precinct and opening of anchor tenants positively reinforces Ipswich Central’s future and Council’s commitment to its success. The progressive opening of additional tenancies in the precinct, focus of the NSP branch and the ongoing investment str
Mentions: Nicholas Street · Tulmur Place · Ipswich
Source: Ipswich City Council meeting agenda (CC BY 4.0).