April delivered a dynamic month across Tasmania’s commercial property market, with transactions recorded state wide. Sales activity spanned most property sectors, reflecting broad buyer demand from both local and interstate purchasers.
The South recorded the highest volume of activity, with industrial, retail, office and development site transactions across Greater Hobart and surrounds. Standout sales included 77–79 Chapel Street, Glenorchy, a substantial industrial facility on 10,870 sqm of land that was sold off-market to a local owner-occupier; and 35 Cove Hill Road, Bridgewater, a substantial high-clearance industrial facility on a two-hectare site that was purchased by a National owner-occupier.
77–79 Chapel Street, Glenorchy
The North West was particularly active, with Elders Commercial transacting several retail and office investments across Devonport. The Fourways Shopping Precinct featured prominently, including 155 William Street, a modern pharmacy investment leased to Terry White Chemmart through to 2032 (with a further seven-year option), which sold on a 5.76% yield.
Two other investment sales also occurred within the Fourways precinct, with 150 William Street, a multi-tenanted retail building occupied by three tenants, selling to an interstate investor on a 6.50% yield. 101 Oldaker Street, a dual-tenancy office investment with additional vacant land upside, transacted on a 6.05% passing yield. Further along the Coast, 131 Wilson Street Burnie, a retail investment leased to Domino’s Pizza and Express Auto Centre, sold off-market.
155 William Street, Devonport
The North recorded activity across office and development land. Key transactions included 117 Cimitiere Street, Launceston, a two-level office building leased to The Agency and Tasmania Legal Aid, generating approximately $498,005 per annum with a c. 5.7-year WALE, and Lot 19 Tiger Moth Court, Western Junction, a General Industrial-zoned development site adjoining Launceston Airport.
Owner-occupier demand remained evident across the industrial sector in both the South and North West, while interstate investors continued to pursue securely leased retail assets. Development site activity was also recorded in metropolitan and regional locations, reinforcing confidence in Tasmania’s commercial pipeline.
Key Observations
- Industrial assets attracted strong owner-occupier interest, particularly for larger facilities in Greater Hobart and regional precincts.
- Investor demand concentrated on securely leased retail and office assets, with interstate buyers active across Devonport and Greater Hobart.
- Development site transactions were recorded across the state, reflecting continued appetite for future residential and mixed-use opportunities.
- Yields generally ranged from the mid-5% to high-7% bracket, depending on lease profile, covenant strength and location.
South
35 Cove Hill Road, Bridgewater
A substantial high-clearance industrial facility comprising approximately 2,300 sqm of building area on a two-hectare site, zoned General Business. The property was purchased by a local owner-occupier.
77–79 Chapel Street, Glenorchy
A substantial industrial facility comprising approximately 2,300 sqm of building area on a 10,870 sqm landholding, sold off-market to a local owner-occupier. The main warehouse was sold with vacant possession, with two minor tenants (Tasmanian Canine Association Inc and Raw Dealer) on short-term lease arrangements. The campaign attracted 31 enquiries.
91–91A Patrick Street, West Hobart
A city-fringe medical and character property comprising approximately 360 sqm of building area on a 623 sqm site, sold with vacant possession. The property combines a refreshed character home, substantial central parking and a versatile heritage rear barn, offering exceptional residential or commercial potential. Zoned Inner Residential.
4 & 6, 66 Sunderland Street, Moonah
Two industrial strata units within a tightly held six-unit complex, offered individually or in one line. Unit 4 (242 sqm) is leased to Pitt & Sherry on a month-to-month basis at $33,066 per annum net plus GST. Unit 6 (331 sqm) is leased to Southland Filtration on a month-to-month basis at $64,334 per annum net plus GST. Both are clear-span warehouses with offices, amenities and car parks, offered for the first time in over 30 years.
Unit 5, 2 Cessna Way, Cambridge
A modern c.2022 strata warehouse and office unit comprising approximately 237 sqm on a 322 sqm site, leased to a national tenant on a new three-year term expiring November 2028 (plus renewal option). The lease returns $48,000 per annum plus outgoings and GST. Features include concrete panel construction, a motorised roller door (4.9m x 4.8m), mezzanine storage and four car parks on title. Located close to Hobart Airport.
19 & 21 Beach Road, Kingston Beach
A fully leased commercial investment comprising approximately 228 sqm of building area on a 620 sqm site, alongside a rare 306 sqm development site. The investment features two new five-year leases, each with five-year options extending through to 2036, on a net lease structure. Zoned Local Business. The campaign attracted 73 enquiries.
Shop 1, 121–127 New Town Road & Part 19 Roope Street, New Town
A fully leased retail investment comprising approximately 187 sqm on a 486 sqm site, sold to an interstate investor on a 6% yield. Leased to SANA Method with approximately 5.6 years remaining, plus options through to 2041. Brand-new medical fitout provides potential depreciation benefits and minimal near-term capital expenditure. Zoned Urban Mixed Use.
86–88 Hopkins Street, Moonah
A functional industrial warehouse comprising approximately 1,141 sqm of building area on a 1,338 sqm site, held under a single lease covenant across both titles with less than 12 months remaining. Suited to storage, distribution or trade-based operations. Zoned Commercial.
52 Derwent Park Road, Derwent Park
A vacant development site of approximately 559 sqm, currently utilised as a car park. High-exposure main road position, sold with vacant possession.
North
117 Cimitiere Street, Launceston
A two-level office building in Launceston’s financial district, comprising improvements on a 1,458 sqm site and fully leased to The Agency and government-backed Tasmania Legal Aid. The property generates net income of approximately $498,005 per annum with a c. 5.7-year WALE. Zoned Urban Mixed Use.
58 Lindsay Street, Invermay
A commercial office property comprising approximately 253 sqm on a 455 sqm site, with a corner profile and nearly 50 metres of frontage. Currently occupied by Sawtooth A.R.I on a renewed lease term to 30 June 2026, returning $33,797.40 per annum plus outgoings and GST. Zoned Commercial.
Lot 19 Tiger Moth Court, Western Junction
A General Industrial-zoned development site of approximately 9,158 sqm, sold with vacant possession. Positioned on the doorstep of Launceston Airport within the Translink Specific Area Plan (Area 1 zoning).
North West
155 William Street, Devonport
A modern two-level brick retail building comprising approximately 588 sqm on a 396 sqm site, sold to an interstate investor on a 5.76% yield. Leased long-term to Fourways Nominees Pty Ltd trading as TerryWhite Chemmart through to June 2032, with a further seven-year option to 2039. Net income is approximately $143,964 per annum plus GST (as at 1 July 2025). Prominently positioned within the tightly held Fourways retail precinct along William Street.
150 William Street, Devonport
A single-level commercial building comprising approximately 288 sqm, sold to an interstate investor on a 6.50% yield. Occupied by three tenants including Nature’s Works, Amplifon and Fourways News and Lotto, all within the Fourways Shopping Precinct.
101 Oldaker Street, Devonport
A high-quality dual-tenancy office building comprising approximately 255 sqm, sold to a local investor on a 6.05% yield. The property offers future development upside (STCA).
131 Wilson Street, Burnie
A retail investment comprising approximately 333 sqm, sold off market to an interstate investor at an undisclosed price and yield. Occupied by Domino’s Pizza and Express Auto Centre . The current WALE is approximately 3.74 years by income (as at 26 February 2026).
Unit 3, 11 Anatola Court, Latrobe
A newly constructed light industrial strata unit comprising approximately 162 sqm on a 340 sqm site, sold with vacant possession. The portal-framed warehouse features security fencing, a concrete driveway and sealed common area parking. Completed approximately late 2025 and suited to an owner-occupier or investor.
6–10 Reibey Street, Ulverstone
A mixed-use two-storey building comprising approximately 219 sqm on a 109 sqm site. The ground floor is leased to a hair salon, with a residential apartment above leased at $460 per week. Zoned General Business, offering flexibility for future use (STCA).
*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.