Why local businesses can't open shops in Molonglo Valley
A decade of failed government land sales and sky-high rents mean only chains can afford to open in Molonglo Valley.
The ACT Government has spent ten years trying to sell land for shops in Molonglo Valley, but each sale falls through. Land auctions attract no bidders because landlords must charge full-market rents to cover costs.
Full-market rents are too high for new local businesses. When the Wright village land went to auction in August, not a single buyer signed up.
By 2050, about 70,000 people will live in the valley. Now they can only access three small shopping centres, each owned by a single landlord.
At Koko, three empty shops are advertised at $700 per square metre a year. Lowering one rent would lower the entire property's value.
A chain like Hungry Jack's can afford that. A local cafe owner just starting out cannot.
- 70,000 people
- Population by 2050
- 3 centres
- Current shopping centres
- 10 years
- Years of failed land sales
Why it mattersWithout a mix of affordable shop spaces, Molonglo Valley's rapidly growing suburbs will have nowhere for local businesses and traders to start and grow.
AustraliaCanberra's newer suburbs are at risk of becoming car-dependent, chain-only shopping centres rather than lively town centres where local businesses can take root.
✓ Claims checked against the source. checked 2 h ago
