Massive city retail site up for sale

THE 5.77-hectare Woollen Mills site in Wangaratta is up for sale under agents Colliers and Garry Nash & Co Real Estate. Sellers are hoping to attract large format retail (LFR) buyers, with properties of this size said to be scarce in Wangaratta and other regional cities in Victoria. Mike Noble from Garry Nash & Co said there are retailers that are not in Wangaratta that should be because they haven’t been able to find a site. He said aside from the Parfitt Plaza, there really aren’t any other places in Wangaratta to house other national brands. “Owner of the site Colin Walker converted the Woollen Mills in Bendigo into a shopping complex and this really got him thinking," Mr Noble said. “Colliers specialise in LFR space and they advise on architecture networks and concept planning for developments.” Mr Noble said they envisage it to be similar to the Albury Homemaker Centre, it could be a full format Harvey Norman, or there are various brands that aren’t in Wangaratta but would like to be, including BCF or Anaconda. “There would be businesses which are over trading in their current site and they that may want a bigger footprint. “This would enable their space to be backfilled.” Purchase and development of the site would involve demolition of existing buildings however the front façade (white wall) of the building is heritage protected. Mr Noble said once sold, the process would take several years in planning processes. The building is currently full with Mr Walker’s businesses including his wool supply outlet. Located just 1.6km from Wangaratta CBD, the site is strategically positioned within a tightly held precinct with high barriers to future competition. Colliers national director retail middle markets, Tim McIntosh, said, "With core retail development stock remaining scarce, retail sites within underserviced regional catchments across Victoria continue to attract strong interest from retailers, developers and owner-occupiers due to limited competition and a captive trade area”. "Developers are increasingly drawn to these opportunities as they offer immediate pipeline potential, reduced holding costs, collaborative councils and a lower land rate relative to metropolitan site opportunities. "The council has endorsed a future retail development, including large format retail on the site," Mr McIntosh said. The Wangaratta landmark development site is being offered for sale via expressions of interest, closing at 2pm (AEDT) on Thursday, 20 March.

Massive city retail site up for sale

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