60 Lower Road
New Norfolk TAS 7140
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25-Unit residential complex with secure lease, strong income & value add potential
Elders Commercial is proud to offer for sale this fully leased 25-unit residential complex, a rare investment opportunity in New Norfolk. With a secure lease backed by Community Housing Provider – Loreto (formerly Centacare), strong rental income, and future strata-title potential**, this asset delivers both immediate returns and long-term growth prospects.Located 35km* from Hobart, the property benefits from a strong occupancy history, minimal management requirements, and a low-maintenance design, making it an ideal addition to any investment portfolio.
Key Investment Highlights:
• Secure lease backed by a Community Housing Provider – 23 of 25 units leased to Loreto Community Housing, ensuring stable rental income.
• Strong net rental income – Currently generating $424,969 p.a***. with long-term tenancy security.
• Rare opportunity to acquire a fully leased 25-unit residential complex with potential to strata-title and sell units individually into the private market for significant capital uplift**.
• Proven occupancy history – Near 100% occupancy since completion, demonstrating sustained demand.
• Future value-add potential – Opportunity to strata-title and sell units individually into the private market**.
• Low-maintenance investment – Modern brick veneer construction with durable finishes and minimal landlord involvement.
• Strategic location – Positioned in a growing residential market with strong demand and proximity to key services.
The property is for sale by Expressions of Interest, closing 3, April 2025 at 4pm (AEDT).
For more information or to arrange an inspection please contact George Burbury or Liam Coyle.
*approximate
** STCA
*** Before owner outgoings
Features
General Features
- Land Area: 8,672sqm
- Commercial Type: Retail
- Building Area: 1,450sqm
- Zoning: General Residential
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Enquire about 60 Lower Road, New Norfolk, TAS, 7140