A landmark heritage accommodation property known as The Houston, at 44 Kincaid Street, Wagga Waggaⁱ, has sold for its full asking price of $3.2 million after an intensive marketing campaign by Craig Tait and Dylan Wooden of Raine & Horne Commercial Wagga Wagga generated approximately 36,000 online views, an estimated 60 to 70 buyer enquiries and three offers within weeks of hitting the market. 

The campaign attracted strong interest from local and interstate buyers before the property was ultimately secured by Wagga Wagga couple Di and Adam Dunn, with contracts exchanged in late June and settlement taking place just days later. 

Originally constructed in 1868 as Belmore House, The Houston occupies a prominent position in the heart of Wagga Wagga's CBD. The painstakingly restored Neo-Gothic structure, originally celebrated as one of the most magnificent architectural achievements beyond the Sydney grid, has been transformed into one of the regional city's best-known boutique accommodation properties, offering 11 self-contained accommodation suites with premium finishes, modern bathrooms, kitchen facilities and shared entertaining areas. 

Operating as a successful Airbnb business, The Houston appealed to both investors and owner-occupiers. According to Dylan, the new owners plan to continue operating the heritage property as boutique short-stay accommodation while looking for opportunities to further enhance the business. 

Dylan said the campaign demonstrated the strength of demand for unique accommodation assets in Wagga Wagga. "We had about 36,000 views on the ads and through social media, which was really good," he said. 

"We received 60 or 70 enquiries, which was quite a lot for a commercial property in Wagga." 

Interest remained strong even after the property was under contract. "Even though we had it under offer, we were still getting a large number of calls from disappointed prospective buyers who missed out.” 

Dylan said three local buyers submitted offers at the asking price. "We had three local parties that all put asking-price offers in, and we ended up selling it to Adam and Di Dunn." 

He said Wagga Wagga's diverse economy and pivotal location continue to underpin demand for quality commercial accommodation assets. 

"It's an accommodation market that's fairly busy most of the year. We have Charles Sturt University, two significant Defence bases, and a massive hospital. Wagga is positioned halfway between Sydney and Melbourne, and we have a lot of people visiting for work as well." 

Dylan said The Houston's heritage appeal also had a significant role in attracting buyers. "It's a beautiful old building that's been renovated as a luxury accommodation asset type. You probably drive past it 25 times a week, so people know it and know that it's quality." 

Craig Tait told the local Wagga newspaper, the Daily Advertiserii that The Houston offered an amazing opportunity to market a unique property with a rich history within the Wagga CBD. "Our marketing campaign was extensive," he said. 

"Directed through our commercial real estate channels, social media and direct canvassing to our extensive database. 

"The response was outstanding, we received multiple offers from potential buyers, and the property was under offer within four weeks of listing. 

"At the end of the campaign, there were several buyers who, unfortunately, missed out on the purchase." 

Craig said The Houston was presented in outstanding condition with the previous owners having invested a lot of time and effort into their property, and they were pleased to see it go to a Wagga buyer.  

"The quality, location and history of The Houston has been very appealing to a wide range of buyers," he said. 

"We are very appreciative to have had the opportunity to market this unique property." 

For all your sales, leasing and property management needs, contact your local Raine & Horne Commercial office today.