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High-value investment opportunity in Wagga Wagga expected to fetch around $10.5 million

June 18, 2024

A premier commercial property in the heart of the regional growth hub of Wagga Wagga in southwestern NSW is expected to sell for around $10.5 million.

Listed for sale by Mr Craig Tait, Director of Raine & Horne Commercial Wagga Wagga, and sales and leasing executive Mr Dylan Wooden, this rare blue chip commercial property gem at 39 Dobney Avenue, Wagga Wagga[i] is home to one of the regional city’s largest and most popular gyms, Club Lime.

Part of a dynamic chain of more than 100 gyms across NSW, ACT, Victoria, and Queensland, Club Lime Wagga offers over 30 fitness classes daily, making it a standout fitness facility not just in the Wagga region but across the state. Club Lime is proudly part of the ASX-listed Viva Leisure Property group, which includes several additional gym and aquatic brands.

Mr Tait highlighted the property’s significance: “This is one of Wagga’s biggest commercial property sales for 2024. We’ve received interest from Sydney and Melbourne, including institutional investment firms, private investors, larger farming enterprises and property investment firms.”

According to Mr Tait, the current owner, a local farmer, is selling the property to expand his farming enterprises.

Long-term lease with high-quality fitness and physiotherapy facilities

The property is fully leased to Viva Leisure, operating under the Club Lime brand. The lease extends until September 2033 and includes 4 x 5-year renewal options.

This modern, purpose-built building boasts a spacious, full-format fitness centre with high-quality amenities, multiple gymnasium areas, and a creche.

Additionally, the property is sublet to Active Physiotherapy, which hosts five physiotherapists operating daily. The property generates a net income of approximately $803,000 per annum plus GST.

The property, built by the current owner in 2016, offers modern and flexible facilities that can be adapted for various uses. Mr Tait explained, “The property features multiple electricity meters, allowing for potential subdivision, and additional electricity runs to the back of the block, supporting possible future industrial or retail development, subject to council approval.”

With a floor area of 2894 sqm and a land area of 5273 sqm, the property boasts a 120-vehicle customer car park with dual access points. There is also DA approval and infrastructure, such as a grease trap in place for a café and alfresco area.

“Centrally located in the popular West Wagga Wagga Business Precinct, this property offers easy access to the Sturt Highway, CBD, and western suburbs,” said Mr Tait.

“The property also enjoys a wide frontage to Dobney Avenue, a busy arterial road with high traffic flow, ensuring excellent visibility and accessibility.”

For more information and to arrange a viewing, don’t hesitate to contact Craig Tait or Dylan Wooden at Raine & Horne Commercial Wagga Wagga on 02 6925 8322.