October delivered a broad spread of commercial property sales across Tasmania, with 25 transactions recorded across all three regions and every major asset class. Industrial, retail and office assets each featured strongly, alongside a handful of development sites and a medical and consulting property.
The South produced the month’s headline result, with 2–4 Bender Drive, Derwent Park, leased to ASX-listed Woolworths Group, selling to an interstate investor on a 5.84% yield. Smaller industrial units at Unit 2, 99 Lampton Avenue and Unit 6, 14 Kennedy Drive drew owner-occupiers and local investors, while 4 Watchorn Street, Hobart, a modernised two-level office, was acquired by a local investor.
4 Watchorn Street, Hobart
The North recorded the most sales, with 14 transactions and a strong Launceston CBD retail presence. Among the Launceston CBD retail sales was 86 Brisbane Street, leased to national food retailer LivEat, a long-term occupant with a capital-intensive fitout. Office assets also performed, including 1/73–75 St John Street, leased to S.Group to 2046, and 53B Main Road, Perth, leased to the Commonwealth of Australia since 2008.
9 Formby Road, Devonport
The North West saw three sales, with interstate investors securing both 9 Formby Road, Devonport, leased to National Windscreens Group on a 5.8% yield, and 75 Mersey Main Road, Spreyton, a retail butchery premises on a 7.35% yield. 13 Anatola Court, Latrobe, was acquired by an owner-occupier.
75 Mersey Main Road, Spreyton
Key Observations
- Interstate investors acquired all three of the month’s yield-disclosed sales, in Derwent Park, Devonport and Spreyton, with yields ranging from 5.8% to 7.35%.
- National and government tenants anchored the strongest investment sales, including Woolworths Group, National Windscreens Group and the Commonwealth of Australia.
- Launceston CBD retail remained active, with four sales across Brisbane and George Streets
- Smaller industrial units continue to attract owner-occupiers and local investors, particularly in Derwent Park and Cambridge.
- Development sites at Western Junction, Latrobe, Youngtown and Rokeby show ongoing demand for land in established industrial and commercial corridors.
South
2–4 Bender Drive, Derwent Park
A 4,520sqm* cold storage facility on a large metro landholding with low 33% site coverage was sold to an interstate investor on a 5.84% yield. Long-term net lease to ASX-listed Woolworths Group, returning $781,130 p.a.* + GST.
3 Lukaarlia Drive, Bridgewater
A 693sqm workshop-warehouse complex on 3,597sqm of General Industrial land was sold with vacant possession. Built in 2022, it features roller door access on both sides, office and display areas, extensive hardstand, a covered truck wash bay and a security-fenced yard.
4 Cascade Road, South Hobart
A 170sqm commercial property on 405sqm was sold with vacant possession. Zoned General Residential, it includes a fully compliant commercial kitchen with three-phase power and extraction, offering owner-occupier or redevelopment potential.
Unit 2, 99 Lampton Avenue, Derwent Park
A 393sqm* light industrial unit was sold to an owner-occupier with vacant possession following an expressions of interest campaign. Dual roller door access, 4.8m* clearance and a 76sqm* mezzanine.
Unit 6, 14 Kennedy Drive, Cambridge
A 332sqm warehouse with reception and showroom space, upper-level offices and two on-site car parks was sold to a local investor with vacant possession.
4 Watchorn Street, Hobart
A modernised two-level office building of 255sqm on 470sqm was sold to a local investor with vacant possession. Lift access and disability-friendly amenities.
54 High Street, New Norfolk
A 125sqm retail shopfront and office on High Street was sold leased to Homeloan Options on a renewed lease at market rent expiring 30 June 2029, with an option for a further three years.
Unit 1, 27 South Arm Road, Rokeby
A 2,512sqm* strata landholding on the corner of South Arm Road and Droughty Point Road was sold leased to Audrey Coffee Pty Ltd, returning net passing income of approximately $25,665 p.a. * before owner outgoings
North
291–293 Hobart Road, Youngtown
A Commercial-zoned site of 1,615sqm with multiple ground-floor commercial tenancies, storage areas, a refreshed one-bedroom residence and a four-bedroom residence. Sold with an existing commercial lease in place, while the remaining commercial and residential space was vacant.
Unit 5, 16–18 Goodman Court, Invermay
A 198sqm tilt-panel concrete warehouse leased to Kitchen Boss until December 2027, generating approximately $33,100 p.a. in rent.
Unit 1, 19 Lyttleton Street, East Launceston
A 311sqm* medical and consulting property sold with vacant possession. Zoned General Residential with existing commercial use rights, it offers multiple consulting rooms, reception and waiting areas, and substantial basement storage.
53B Main Road, Perth
A 186sqm office on 232sqm leased to the Commonwealth of Australia since 2008, with a new 12-month extension from 1 April 2027 and a three-year option to 2030. The building has recently undergone a full interior refit.
59 Cameron Street, Launceston
A 268sqm character brick and concrete building sold with vacant possession, comprising a ground floor recently used for allied health services, first-floor offices and an unutilised second floor with value-add potential (STCA).
Shop 29, 61 George Street, Launceston
A 96sqm hospitality tenancy leased to Mekong Vietnamese Restaurant, with net income of approximately $34,000 p.a.* + GST and outgoings. Includes a dining area, service counter and commercial kitchen.
137 Brisbane Street, Launceston
A 134sqm retail shop with over 7m of mall frontage and generous first-floor storage, previously leased to Just Jeans. Suits national retailers.
114 Hobart Road, Kings Meadows
A 422sqm retail property on 742sqm with dual frontage and on-grade car parking, sold leased to multiple tenants including Aura Massage, Seven Monks Café and Ezy Read. Net rental of $103,576 p.a.
86 Brisbane Street, Launceston
A retail tenancy of approximately 380sqm over two levels with 8m+ frontage, leased to national retailer Liv Eat. A long-term occupant with a capital-intensive fitout, in the Launceston central business zone.
1/73–75 St John Street, Launceston
A 293sqm office leased to S.Group on a 10+10-year lease to 2046 including options, returning net rent of $97,355 p.a. excl. GST.
9 Tiger Moth Court, Western Junction
A 1.15ha development site zoned Translink Industrial Area 1, sold with vacant possession. Immediate road access to major arterial routes across the state.
53 William Street, Launceston
A 394sqm brick warehouse on 714sqm, with character timber framework, approximately 371sqm* of clear floor area, multiple vehicle access points and on-site parking. Sold with vacant possession.
Unit 3, Charbooday Drive, Youngtown
A 187sqm concrete tilt-panel and Colorbond warehouse sold with vacant possession. Clearspan with 6m* internal clearance and a 3.5m* electric roller door.
38/61 George Street, Launceston
A 179sqm hospitality tenancy leased to Schnitty Bar on a new 5+5+5-year lease from August 2026, returning $70,837 p.a. net with the tenant paying all outgoings. Zoned central business, with seating for up to 70 patrons.
North West
1 – 3 Anglesea Street, Wivenhoe
An expansive 8,739 sqm landholding incorporating two warehouse facilities totalling 1,403 sqm*. Fully leased to three tenants and delivering a WALE of approximately 2.11 years, the asset traded on an initial yield of approximately 6.15%.
9 Formby Road, Devonport
A 557sqm showroom and workshop on 986sqm was sold to an interstate investor on a 5.8% yield. Leased to National Windscreens Group on a 5+5-year lease from July 2025, returning $75,823 p.a.* + GST. Fronts an arterial road carrying around 10,000* vehicles daily.
75 Mersey Main Road, Spreyton
A 460sqm strata retail butchery premises, zoned Local Business, was sold to an interstate investor on a 7.35% yield. The tenants recently exercised their next five-year option early, extending the term to 29 June 2033 plus options.
13 Anatola Court, Latrobe
A 4,073sqm* Light Industrial site was sold to an owner-occupier. Cleared, level and fenced, with all services, in an expanding industrial precinct. Currently occupied by Shaw Contracting until September 2027, with net income of $25,000 p.a. + GST.
27 Reibey Street, Ulverstone
A retail shopfront of approximately 146 sqm on a 185 sqm site, with an existing butcher and cool rooms at the rear. The property is secured by a well-established local butchery tenancy through to 2030, with a further 5-year option to extend.
*Approximate
Disclosure: Tasmanian Commercial Market Wrap only reports on transactions in the Tasmanian commercial property market. Elders Commercial provides this information as a public service. We are not purporting that all sales within this report were transacted by Elders Commercial. Where third-party sales are noted, this data has been sourced from industry providers.