One of Wagga’s most notable casualties of the Global Financial Crisis, a waterfront high rise, is back on the market.
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A ‘landmark’ 10-storey building was approved for development behind Romano’s Hotel on Sturt Street in 2006, but the 2007 market crash saw the plans scuttled.
However, the block is back on the market and a council decision earlier in the year means a six-storey apartment complex above ground-floor shops could soon become a reality.
It’s a unique piece of real estate for the city: Backing onto the river, it will offer one of the few places with both natural views and a close proximity to the CBD.
The block, which was listed with Fitzpatricks Real Estate, had already seen inquiries come in from Wagga developers and out-of-towners, according to agent Greg Howick.
“It’s brilliant see it back on the market, it’s a chance to see a quality apartment block in the CBD that will open up business opportunities across the board,” Mr Howick said.
“The apartments could possibly be upmarket of The Mill with the potential for bigger penthouses, the earlier designs saw such a strong market response there was a waiting list.
“It will be good for restaurants, good for the theatre and good for bars.”
After the original development was scrapped, Wagga’s planning rules were changed, but an April, 2016 meeting of the Policy and Strategy Committee saw a multi-storey development but back on the table.
One of the concerns noted by the committee was the proximity to the river and the risk of flooding, but it is believed flood risks will be assessed as part of any future development plan, which will likely include the pending upgrade of the levee bank.
Independent property valuer Chris Egan said riverfront apartments were an untried market sector in Wagga, but that wasn’t necessarily a bad thing.
“We’ve been pleasantly surprised a lot of the time with new luxury developments that have done well,” Mr Egan said.
“For developers that are game to have a go, there can be big rewards on the table.”