The Home Consortium has submitted a development application for a $3.4 million refit of the building, which will pave the way for 200 new jobs with national electronics, furniture and homewares retailers.

Up to 100 people will also be employed in the four-month construction of 10 new retail stores within the shell of the old hardware store, which will be akin to a shopping centre with common areas and a cafe.

Chief executive David Di Pilla said negotiations were well underway with new tenants and if the paperwork went through smoothly, the new stores could be opened for Christmas.

“It’s an exciting opportunity for the Wagga community,” Mr Di Pilla said.

“As soon as we receive development approval we’ll be looking to commence repurposing work soon afterwards.”

News of the development came almost exactly one year after Woolworths first announced it would wind up the troubled chain, which had been launched in 2011 to challenge Bunnings’ grip on the home improvement market. 

The Home Consortium, a group of wealthy private families including the owners of Spotlight, Anaconda and Chemist Warehouse, picked up the failed hardware chain’s 61 sites last year in a deal worth close to $1 billion.

Spotlight Property Group has a long history of developing large-format homemaker centres, often with Spotlight and Anaconda stores as anchors, making it ideally placed to benefit from the Masters debacle.

Masters’ Wagga site was one of its largest, at about 15,000 square metres. Mr Di Pilla said it was ideal for the large-format stores and the existing shopfronts of Anaconda, Pillow Talk and Pet Stock created a theme that would be carried across the new centre.

Wagga Business Chamber chief executive Kym Treharne said the development was “terrific news”.

“We want to see business activity along the highway and anything that promotes the economy is good for Wagga,” Ms Treharne said.

“I can’t speak highly enough of the city’s potential and I want to see more opportunities come to Wagga.”

More than 3000 Wagga residents work in the retail sector, with council’s economic snapshot showing about 185,000 people shop in the city each year.

Wagga mayor Greg Conkey said the exciting development would add to the city’s strong retail sector.

“This shows we’re the capital of the Riverina with a vibrant retail centre,” Councillor Conkey said. 

“I wish the developers every success with the concept.”