Out-of-town investors have had their eyes on Wagga in recent weeks as the effort to sell one of the city’s most-loved pubs continues.
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The Home Tavern on Fitzmaurice Street was listed for sale in May with an asking price of $1.75 million.
With the listing came the announcement that the pub’s liquor licence would most likely be removed to allow the new owners to redevelop it into residential, retail, or office space.
While the 1600 square metre property is yet to be sold, Greg Howick of Fitzpatricks Real Estate said a lot of interest had come from promising out-of-town investors based in capital cities.
“To date, we have had inquiry mainly from out of town developers considering a full site development,” Mr Howick said.
“A number of local businesses are also considering the potential of the existing buildings both for owner-occupiers and investors.”
Mr Howick said a few interested Wagga-based investors had also mentioned converting the pub into housing.
“The local investors are mainly looking at multiple tenancy areas, which makes sense, as the buildings have been very well maintained,” he said.
“With the strength of inquiry, we believe we are leading to a successful conclusion in the short term, however, commercial property is a little more complicated than residential and can involve issues such as a contract subject to development approval.”
Mr Howick said the out-of-town interest had become very much the norm for Wagga.
“Wagga seems to be of particular interest to capital city buyers, with sales to out-of-town buyers figuring heavily in the last 12 months,” he said.
“It is interesting to see Dubbo and Tamworth experiencing similar interest, although Wagga is seen as stronger due to a population where around 50 per cent of people are aged under 35, and we have the benefits of the university and two defence bases as well as key medical services.”.
However, with the Home Tavern long considered Wagga’s live music hub, not everyone is happy with the prospect of the pub’s liquor licence being revoked.
The venue’s purpose-built sound system meant the Home was also able host big name acts throughout the years, including Kasey Chambers, Daryl Braithwaite, Shannon Noll, Dragon, and the Choirboys.
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