The savvy company which commissioned The Mill precinct’s construction in Wagga is looking looking to invest almost $28 million into commercial developments just next door at 50 Edward Street.
Wagga council commercial development director Adrian Butler confirmed a development application was lodged on Thursday, November 9 from the company Interlink Wagga Central Pty Ltd.
The application “has not been reviewed in detail at this time”, according to Mr Butler and is still subject to council approval.
It is a welcomed venture for Fitzpatricks Real Estate director Geoff Seymour who said the potential development could bring in more big investors to the city.
“The Mill development was the first large residential development we’ve seen in Wagga for a while,” he said.
“Prior to that, we hadn’t really seen any big blocks of units or apartments built for a while so it was good to see that it was happening in the CBD.
“Any sort of development like that creates jobs and businesses. Investors look for any sort of building with a good, secure tenant in place on a long lease.
“Quite often, we’re seeing buildings in Baylis Street of the city trade between a seven and eight per cent return, which could very well increase if this new development goes ahead.
A variety of penthouses, one and two bedroom apartments were built for The Mill development with some homes fetching upwards of $650,000 at sale.
Buildings in Baylis Street of the city trade between a seven and eight per cent return, which could very well increase if this new development goes ahead.Geoff Seymour
A company showing they want to invest $27m into the city, councillor Vanessa Keenan said, is “great news and a good health check in relation to the growth currently happening in Wagga”.
“It’s critical to demonstrate the evidence that as a council and community, we welcome and encourage significant development and growth in the city, but also how we can grow and sustain that is an important factor,” she said.
“A development of this size would not only encourage larger investment, but also make it worthwhile for prospective investors looking to spend in Wagga.”