22 | New South Wales Craig Tait of Raine & Horne Wagga Wagga reports, “Low interest rates and improved economic conditions have driven demand for commercial property in the Wagga Wagga region.” Yields in the area average 6-7% for retail assets, 6.5-7.5% for industrial property, and 6.5-7.5% for office space. Activity has definitely picked up post-lockdowns. Craig says that in the retail market, “We are seeing more foreign investment. One investor has purchased over $7.3 million worth of property via Raine & Horne Commercial Wagga Wagga over the past 12 months.” He adds that the office segment has also attracted “some foreign investment for office property over the past 12 months, predominantly associated with mixed use retail property.” Raine & Horne Commercial Wagga Wagga secured the sale of 80-84 Baylis Street, a multi-tenanted retail building for $3.95 million. 16 Baylis Street was leased to La Porchetta on a 5x5-year term. GPC Asia Pacific leased 1 Sutton Street on a 6x5x5-year term. Craig Tait craig.tait@wagga.rh.com.au Wagga Wagga
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