A portion of the iconic Murrumbidgee Mill is back on the market as a “blank canvas development opportunity”. Photo: Chris Roe.
The ongoing saga of the development of one Wagga’s most iconic locations has taken another turn this month with a portion of the old Murrumbidgee Mill site going back on the market.
Global Commercial Real Estate Services (CBRE) has listed the 8314 sqm block on the southern side as a “mixed-use development opportunity within the heart of NSW’s largest inland city” and confirmed that they are looking for offers of around $5 million.
CBRE negotiator Nick Young said the subdivision was still approved for the hotel development, however, they felt that it might be better suited for other uses, describing it as a “blank canvas development opportunity”.
“There is the prior approval but any future development wouldn’t necessarily be a hotel,” Mr Young said.
“We think this could be best suited towards large format bulky goods or a goods retailer of some kind, or a mixed-use residential and retail project.”
Global Commercial Real Estate Services (CBRE) has listed the 8314 sqm block and is looking for offers of around $5 million. Photo: Supplied.
Mr Young said they had already had an offer on the property after receiving over 100 enquiries and conducting a number of inspections.
“We’re open for expressions of interest through September and we’re hoping to have something finalised by early October.”
The listing offers a “strategic landholding positioned in a rapidly growing regional area” with “78 m frontage” onto Wagga’s busiest road with “developer contributions and bulk excavation works paid and completed”.
The site was subdivided this year after failing to attract enough interest in December 2023 when brokerage firm HTL Property called for offers on the “substantially commenced hotel development site within the historic Murrumbidgee Flour Mill”.
A media release declared: “The Flour Mill Hotel is a rare opportunity to acquire the historic Murrumbidgee Flour Mill site, which is DA approved for a 142-room hotel with extensive complementary facilities,” adding that the “motivated” sellers had already poured $12 million into the floundering development.
Early designs for IHG Hotels & Resorts’ six-storey Holiday Inn. Photo: Supplied.
In 2019 IHG announced that the “flagship regional Holiday Inn” would be the largest hotel in Wagga and would be completed in “early 2021, following the signing of a management agreement with Interlink Group (Australia)”. However, the project stalled as developers Interlink Wagga Central Pty Ltd (IWC) became mired in litigation and allegations of fraud.
Despite the sale, an IHG Hotels & Resorts spokesperson told Region this week that the hotel was still a possibility.
“The management agreement remains in place, and we look forward to working with any new owners, if and when a sale occurs,” they said.
The property will be open to expressions of interest until next Thursday (26 September).
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