A prominent Fitzmaurice Street building which houses discount retailer Ten Tops failed to sell at auction and will now hit the open market.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The building at 62-66 Fitzmaurice Street was up for auction on Thursday, but failed to attract any bidders and will now be up for sale for $1.65 million.
The 1308sqm location is on a prime stretch of Fitzmaurice Street across from the Wagga court house and next door to the iconic Hunters Newsagency.
IN OTHER NEWS:
PRD real estate is handling the sale and head of commercial sales and leasing Anthony Paul said that the recent rise in interest rates may have put off potential buyers.
"A couple of people were sitting on their hands regarding the recent election result, a couple of them said they'll wait and see what happens with Labor coming in," he said.
Mr Paul said that the building is an attractive proposition for investors as it comes with Ten Tops locked in as a tenant, which brings in a "good return" of "over 6 per cent net".
Some interested parties were also put off by recent interest rises, he said, and he would have expected the building to sell prior to the rate rises, but is still confident it will sell by private treaty with around 14 interested parties.
Raine and Horne commercial real estate agent Dylan Wooden said that he would expect a location like this to sell as the Wagga commercial real estate industry experiences a similar boom to its residential market.
"Wagga's commercial market is very popular with out of town investors," he said.
"There's a lot of money in commercial real estate ... there's more desirable property types, like industrial, which is crazy, everyone wants industrial.
"But with retail, people are more cautious."
The building is owned by Patrick Henderson who previously owned and operated Northside Furniture and Bedding at that location for over 20 years, before closing down in 2017.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content:
- Download our app from the Apple Store or Google Play
- Bookmark dailyadvertiser.com.au
- Follow us on Twitter
- Follow us on Instagram
- Follow us on Google News
- Make sure you are signed up for our breaking and regular headlines newsletters