Boasting an unrivalled position in the tightly held Wagga Wagga CBD, 7-9 Baylis Street enjoys an approved hotel development site for 104 rooms, and has been exclusively listed by HTL Property Director’s Nic Simarro and Andrew Jolliffe.
With a rare 3 street frontages, the impressive 1,486sqm* site is ideally positioned in close proximity to both Wagga Wagga Base and Calvary Riverina Hospitals; as well as Wagga Wagga’s popular restaurant and bar precinct.
The proposed hotel development offers multiple income streams from commercial space on the ground floor, a food and beverage operation; and the new accommodation offering. The architecturally designed building will also offer conferencing facilities, 2 commercial spaces, 70 car spaces and 104 rooms ranging from 24-32sqm in size.
“Accommodation hotels in Wagga Wagga have always been pursued in very high demand, with a number of Regional hotel investors recognizing the consistent economic and population growth performance in the area” advised HTL Property Director, Nic Simarro.
Having managed the last Wagga Wagga accommodation sale in the form of the Mantra Pavilion in 2016, HTL Property’s Nic Simarro has seen first hand investor interest shift between buying existing operational assets, to the development of accommodation offerings.
“Wagga Wagga is NSW’s most populated inland town, attracting a blend of leisure and corporate clientele; and with few if any accommodation sales in the past 5 years, often the only option left for investors is to develop” added Simarro.
HTL Property advise demand for new product remains robust in Wagga Wagga, with the International Hotel being constructed in 2013; and current plans for The Mill precinct, inclusive of IHG’s 140 room Holiday Inn, yet to be completed.
“Given Wagga Wagga’s equidistant location between Melbourne and Sydney, we expect strong demand from local and national developers looking to take advantage of a surging regional market. One well placed to enjoy sustained visitation following the domestic market’s investment and lifestyle re-engagement with non-metro markets” concluded HTL Property’s Asia Pacific Director, Andrew Jolliffe.
The property is for sale by Expression of Interest, closing Wednesday 17 March 2021.
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