Elders Commercial has brought a multimillion-dollar commercial property to market at 141–147 Main Road, Moonah, describing it as a “generational investment opportunity.”
The fully-leased, well-located asset sits within Hobart’s high-demand bulky-goods precinct and is anchored by three nationally recognised tenants: The Good Guys (part of JB Hi-Fi Group), Burson Auto Parts (part of Bapcor), and long-established local business Giffards Floorworld.
141–147 Main Road, Moonah
“Rarely do we see large format retail publicly available for purchase in greater Hobart – especially with so much road frontage,” said George Burbury, Director, Commercial Sales & Leasing, Elders Commercial. “It is a diversified investment, with three tenants, which is advantageous for a purchaser.”
141-147 Main Road, Moonah
Key investment highlights
- Income: Estimated net income just shy of $950,000 per annum + GST
- Tenancy profile: Three tenants with a weighted average lease expiry (WALE) of 3.5 years
- Landholding: 5,438 sqm* with ~80 m of prime street frontage
- Improvements: Predominantly modern tilt-panel construction (built 2012)
- Location: High-demand bulky goods precinct with limited competing stock and sustained tenant enquiry
141-147 Main Road, Moonah
Commercial Sales & Leasing agent James Black said the property offers rental growth potential via upcoming market reviews.
“The current construction cost climate is prohibitive for new development meaning existing stock remains sought-after,” Mr Black said. “There is a long list of tenants seeking showroom space in Hobart’s northern suburbs. This drives rental growth and keeps vacancy rates low.”
Recent market evidence underscores depth of demand. In September, Elders Commercial sold a nearby Supercheap Auto, RSEA, Baby Bunting, Jackson Motor Company asset in Derwent Park for ~$22 million to a Tasmanian investor.
“That asset traded on a 6.15% net passing yield,” Mr Burbury said. “We’ve also seen large-format retail assets interstate transact for sub-6% yields.”
141-147 Main Road, Moonah
141–147 Main Road, Moonah is being offered for sale by Expressions of Interest.
*Areas and dimensions are approximate.