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$400 million development proposed for Wagga Wagga

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Last weeks announcement of a proposed $400 million development in Wagga Wagga has created a new level of excitement in the city.

Adam Drummond, Director of Fitzpatricks Real Estate said the project would have a positive affect on the housing market in Wagga Wagga. “Tenants, buyers and builders will all be affected, as we will see a demand for housing in the city grow.” Adam predicts residents would see the impact 18 months to two years prior to the warehouse becoming operational.

The warehouse location is proposed for the corner Kooringal Road and Copland Street, and will house everything from homewares, furniture, clothing, wine and electrical goods.

Wuai Group, the Chinese state-owned company behind this proposal, said the the mulit-story complex would also include 250 five-star hotel rooms, a conference centre, a number of restaurants and entertainment facilities.

With the 2500 jobs this development will create, we will see employment rates drop and the vacancy factor will also be reduced significantly. This will have a knock on affect for the median house prices for the city. This is also good news for anyone wanting to invest in the city or anyone who has an investment property. This development will definitely put Wagga Wagga on the map for investors.

With nothing quite like this in the Southern Hemisphere, Wagga Wagga will see a larger volume of business people travelling from Australia and abroad to view items at the showroom.

Greg Howick, from Fitzpatricks PCI Commercial said, “this is a great recognition of the quality of our city, from the infrastructure through to our people. Whilst there is, no doubt, much to do to ensure the project proceeds, the fact that our city is considered a worthy place for such a project is most welcome.”