April saw steady momentum in Tasmania’s commercial real estate market, with strong demand across industrial, development, and retail sectors. Investor appetite remained robust in the North West, where assets in Burnie, Devonport, and Quoiba were actively traded. These included multi-tenanted retail holdings, light industrial warehouses, and development sites, reflecting a growing focus on value-add and future development opportunities in regional hubs.
In the South, activity was underpinned by continued confidence in industrial and hospitality assets, with sales in Moonah, Derwent Park, and Bridgewater. The acquisition of the State Cinema in North Hobart by a mainland investor further reaffirmed interest in long-leased entertainment and hospitality offerings. Several properties across Kingston, Sorell, and Cambridge also transacted, highlighting the broad spectrum of buyer interest from owner-occupiers to national developers.
The North experienced modest but targeted activity, particularly in the medical and strata office space in Launceston and Kings Meadows, as local and interstate investors continued to seek well-located, income-producing assets.
Overall, April demonstrated a balanced market with activity driven by private capital and developers, consistent yields, and a continued focus on strategic sites with upside potential.
South
26 Mertonvale Circuit, Kingston – The 637 sqm showroom and warehouse building set on 2,262 sqm of land zoned “Commercial” was purchased by an owner-occupier. The property only has approximately 16 months remaining on the lease. Located in the tightly held Mertonvale Circuit precinct of Kingston, approximately 14 kilometres south of Hobart.
4 Woodrieve Road, Bridgewater – The 12,840 sqm “General Industrial” zoned site was sold with vacant possession to a local developer. DA approval is in place for short-term storage, and the site is surrounded by national industrial users. The property is well located within the “Brighton Transport Hub” approximately 23 kilometres north of Hobart’s CBD.
139 Main Road, Sorell – The 3.2 ha commercial site was acquired by a mainland developer. The dual-tenanted site presents significant development upside in a fast-growing commuter locality of Sorell. The campaign generated 73 enquiries.
10/8 Cessna Way, Cambridge – The 155sqm light industrial unit on 201sqm of land was sold with an existing tenancy returning $29,788* per annum (net). The property is zoned for light industrial use.
367–379 Elizabeth Street, North Hobart – A 5,043 sqm mixed use asset comprising a cinema and various office, retail and hospitality tenancies is set on 3,791sqm of land and was acquired by a mainland investor. The property is predominantly leased to Reading Cinemas on a 10-year term to 2029, with further options to 2039.
73–79 Sunderland Street, Derwent Park – The 3,181sqm industrial facility on 1,663sqm of land was sold with existing tenants Doble Industries and Powder Coating Services in place. Zoned General Industrial.
83 Murray Street, Hobart – A 458sqm centrally located landholding was sold with an existing lease to Secure Park until April 2027, returning a projected gross income of $71,385 per annum.
86 Charles Street, Moonah – A 587sqm light industrial building on 680sqm of land was sold subject to a recently renewed 3+3-year lease, with an annual passing income of $84,654 and outgoings covered by the tenant.
17–25 Patrick Street, Hobart – The 1,296sqm commercial building on 1,630sqm of land was sold with vacant possession. The property includes warehouse, office and showroom components across two levels.
North
Suite 23, 87–91 Brisbane Street, Launceston – A 38sqm strata office suite in the Launceston CBD was acquired by a local investor. Zoned General Business, the property was sold with vacant possession following 25 enquiries.
86 Hobart Road & 4 Riseley Street, Kings Meadows – The 730sqm office/medical property was sold to an interstate investor on a 5.9% yield. It is currently leased to a mix of healthcare and service tenants including Slade Pharmacy and Kings Meadows Medical. The Expressions of Interest campaign attracted 71 enquiries.
North West
21–29 Brooke Street, East Devonport – A 47,800sqm development site was acquired by a developer for an undisclosed price. Partly tenanted on a residential basis, the property is located in close proximity to one of Tasmania’s key port facilities. The sale campaign received 97 enquiries.
4 Ferguson Drive, Quoiba – The 300sqm light industrial property was sold fully leased to Early Settler. Purchased by a local investor, the asset achieved a 5.73% yield and attracted 25 enquiries.
6 Ferguson Drive, Quoiba – A 250sqm multi-use warehouse on 1,008sqm of light industrial-zoned land was sold off market to a local investor.
89 & 91 Mount Street, 112 & 114 Wilson Street, Burnie – A combined CBD holding of 3,518sqm across seven titles was sold to a local owner-occupier. Improved with a mix of tenanted and vacant buildings, the site was transacted for an undisclosed amount.
*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.