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Commercial Update by Ted November 2017

 This is Ted Hanson from First National Wollongong coming to you this month from the top of the hill at St. Michael's Angelican Cathedral. Wollongong is going through an interesting change since the last time we did a market update for you, we've had nearly 200 residential units settle in the immediate CBD area this is changing the social fabric of Wollongong and I believe will change the way commercial operates in Wollongong as well. We're seeing as a result a lot more commercials, particularly small based commercial tenancies being taken up a lot more enquiry at the moment also hospitality. There is an opportunity for new players, existing players to offer a much greater expanded version of their product for the new people coming into Center Wollongong.

 

Our resi team tell us that that's being taken up by out-of-towners by students by empty nesters who are downsizing and as a result they're looking for those increased services to be available in Central Wollongong I believe that this is change a big change that we'll see increasing as more units get built and more of these properties settle. As always with commercial properties the better presented ones are the ones that leases first we're finding that again there's the smaller ones that will lease first but I believe that will have a knock-on effect and eventually we'll start to see the larger spaces occupied. I have a personal belief that the changes to DJ's location will bring a new energy to Wollongong with a larger player coming in to where the old DJ's building was.
 
This is Ted Hanson until next time for First National Wollongong