Tenants of the Tolland Shopping Centre are optimistic about an upcoming change in ownership, with the precinct now on the market for the first time in 20 years.
The shopping centre, which features a takeaway, pharmacy, Dominos, bakery and IGA, will be sold at an auction at the Sydney Opera House on December 8.
Fitzpatricks Real Estate have teamed up with Burgess Rawson for the sale.
Fitzpatricks commercial portfolio manager Geoff Seymour said the precinct was last sold in mid-1999, with the current owner making the decision to consolidate his business interests after 20 years of ownership.
With the price expected to fall around five to six million dollars, Mr Seymour said it was a rare opportunity.
"Shopping centres in Wagga don't come up that often," Mr Seymour said.
He said he believed a precinct like this was a "secure, safe investment" for prospective buyers.
"These are neighbourhood shopping centres, they serve the needs of the immediate community and with the vast array of residential developments and residential housing around Tolland, with the high school, I think there's a captive market that's always been there and will always be there," he said.
Extensively refurbished in late 2017, the 8,378 square metre lot features 96 car parking spaces, the anchor supermarket and up to seven tenancies.
The precinct brings in a net rent of $445,208 per annum, according to the property report.
Pharmacy co-owner Hani Fanous said he was hoping a new owner would come with ideas to refresh the shopping centre.
Having recently signed up as a Terry White Chemist franchisee, Mr Fanous said they were hoping to expand their business if the switch proves successful and they could maintain increased foot traffic.
He said a new owner could bring change to assist them in their goal.
"We're looking forward for someone to buy it to make it better," he said.
Mr Fanous said he would like to see a local owner take over the precinct.
Tolland Takeaway owner Krista Moosmann said she was hoping a change in ownership would have a positive impact on her business.
"We've got three shops that need filling and I'm hoping we'll get a progressive new owner that's in for new things," she said.
Ms Moosmann said there had been "a lot of improvements" made to the precinct recently with the refurbishment and there was room for growth.
"I would just like to see somebody that considers the current tenants and basically looks after us."