Commercial real estate development initiative unveiled in Wollongong
Anyone who owns commercial real estate in Wollongong could be pleased to know that the latest initiative unveiled by the city council aims at helping business owners to revitalise their store buildings and improve the overall appearance of the city.
The Wollongong Facade Rejuvenation program is aimed at owners of commercial property in the central business district in order to provide them with an incentive to undertake renovations and improvements on their stores.
The proposition is a dollar-for-dollar financial incentive from the council for up to 50 per cent of the overall renovation costs, up to $20,000 for private property owners. The program has an overall budget of $300,000 for the next two financial years.
Improvements covered include exterior restoration, which includes the repainting of the building and the replacement of windows, removal/relocation of air conditioning units, removal of roller doors and security grills, and repairing/replacement of awning structures.
The initiative has been praised by Amanda Kunkler, policy advisor for the Property Council in Illawarra, who said that the repairs will help to give the city a brand new lease on life.
"We know there are business owners in Wollongong who are keen to invest in their building should this financial incentive be introduced," said Ms Kunkler in an August 21 statement.
"Some of them own key iconic sites in the CBD so this is a great initiative to improve the appearance of this city and upgrade the value of these building assets."
Furthermore, MMJ director Michael Croughan, a property manager for many of the commercial buildings in the area, said that this was a great opportunity for business owners to embrace.
"This is an opportunity for owners to take pride in their asset, increase the value of their asset and increase the impact for this city in attracting more people to enjoy this space," said Mr Croughan in an August 21 statement.
"It's a great, positive initiative which is easily implemented and creates work in the process."
There is currently $500 million worth of property investment and development underway, so this initiative is aiming to help encourage a continued growth of commercial real estate throughout the Wollongong CBD.
Not only are there a number of real estate-related benefits, but this initiative also has the opportunity to create a number of jobs for the city in the next two years, which will help to stimulate the local economy and encourage advancement well into the future.