The Homebase Wagga large format shopping complex has gone up for sale for the first time, with JLL Australia taking expressions of interest for the next month.
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The East Wagga complex, which is co-owned by former Wagga Rugby League president and current Gold Coast Titans part owner Darryl Kelly, houses chain stores including Harvey Norman, Officeworks, Spotlight and Fantastic Furniture.
It spans more than 20,000 square metres off the Sturt Highway.
JLL retail investments director Nick Willis said it was the first time the centre had hit the market, and its position as the "dominant large format centre in the Riverina region" made it a rare find for potential buyers.
"Opportunities to acquire the dominant centre in the context of a vast and growing region like this is unique," Mr Willis said.
"We expect broad national interest in the asset given its robust income and value add potential."
Mr Willis said there was an appetite for investing in large format operations amid the coronavirus pandemic.
"Large format retail has proven its resilience throughout COVID and as a result investors are increasing their focus on this retail sub-sector," he said.
"Further, there has been a real lack of available supply particularly for quality dominant large format retail centres."
Sam Hatcher from JLL's retail investments team said many of the original tenants of the Homebase complex were still operating in the centre, which showed there was strong tenant retention.
"In addition to the security of this investment, the centre provides additional expansion value-add opportunities to incorporate more traditional retail uses."
JLL would not comment on how much they expected the precinct to sell for when expressions of interest close on November 12.
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Wagga mayor Greg Conkey said the city was a strong retail hub for both its residents and those living throughout the wider region.
"A large number of people come to Wagga to shop and they shop in places such as Homebase."
"We're a very strong retail city."
Cr Conkey said the Homebase property itself had a lot of upside in a city with a growing population.
"It's a prime location on the Sturt Highway, it's been established for quite some years very successfully and has some very strong anchor tenants," he said.
"I would expect it to be quite a sought after property."
