Whilst the City of Wagga Wagga has been the subject of difficult times in the last month the resilience of the business community to cope with flooding in some eastern industrial areas and the evacuation of the central business district has been most impressive.
Minimum site levels on industrial land set by Council have, for the majority of developed industrial properties meant no water entered the buildings and business operations were able to recommence business in a very short time.
There has been limited activity in the commercial leasing market overall with the office sector performing the best. The need for government tenants to seek out 4.5 star energy efficiency rated buildings will bring stronger inquiry to the better office developments. Developers who do not seek to achieve that rating may well find it very difficult to secure these government tenants in the future.
The commercial property sales market is still performing quite well with the DIY Super investor still the most prominent player in the market. Properties in strong locations with secure leases are attracting strong interest and yields, whilst the opportunity buys are definitely for the development sites around the City. For those investors interested in securing these sites we are able to work with them to prepare feasibilities studies to ensure the correct and most profitable development for the future.
Information released by Council in the last month shows over $600 million in private and public projects in planning and underway in the City with completion due in the next few years. The statement by one of our out of town investors that “Wagga is a mini Canberra; two defence bases and a large University means reliable income flow into the City and that means security” indicates why the City is very sound place to invest. Next weeks enews will go into depth about these major projects which will help boost Wagga Wagga’s economy.
If you would like to know more information about commercial properties, please call our commercial team on (02) 6921 5677.
Fitzpatricks
Established in 1950 by the late Geoff Fitzpatrick. We strive for excellence in our field, we aim to provide the best real estate service to the people of Wagga Wagga, embracing the highest standards of expertise, professionalism and integrity.