The Tasmanian commercial property market continued to exhibit solid transactional activity throughout June, with strong interest from both local owner-occupiers and national developers, particularly in the industrial and retail sectors.
In the North, Invermay and Mowbray remained standout precincts, with multiple retail and industrial assets transacting. Notable deals included the $8.1 million sale of 80 Lindsay Street, a fully leased asset to Tool Kit Depot (Bunnings Group) on a long-term lease. Significant yield-driven interest was also observed, with investments such as 268–270 Invermay Road and 264 Invermay Road drawing investors with strong tenant profiles and returns above $100,000 per annum.
The Launceston CBD also saw activity in the strata retail space, including 10/76 Charles Street, leased to Aviva Parfumerie, while 103 Canning Street, a former backpackers, was acquired for repositioning by a local owner-occupier.
In the South, hospitality and industrial assets attracted solid buyer demand. 301 Elizabeth Street in North Hobart, home to The Roaring Grill, was acquired by an interstate investor at a 6.1%* yield, while 96–98 Grove Road, Glenorchy changed hands with an existing holding income and uplift potential. Demand from developers was also evident in New Norfolk, where a DA-approved retail/landholding with secure income and upside transacted, highlighting confidence in fringe suburban growth corridors.
The North West continued to see strong activity in Devonport and Ulverstone, with development and bulky goods retail drawing competitive interest. This was highlighted by the sale of 1–3 Finlayson Way, a fully leased investment anchored by Petbarn and Vinnies, sold at auction on a 5.87% yield. To the west, we saw Lot 1 Jernej Way in Ulverstone, a 33,900sqm greenfield site, being sold to a national developer following 112 enquiries, confirming developer appetite in the region.
Across the board, buyer sentiment remained positive, with multiple campaigns exceeding 50 enquiries, reflecting continued demand for quality leased investments and land with development potential. The industrial and convenience retail segments remained the dominant performers, supported by strong tenancy covenants and clear income visibility.
South
301 Elizabeth Street, North Hobart – An interstate investor acquired this 250sqm hospitality property, leased long-term to The Roaring Grill. The investment sold on a 6.1%* yield and attracted 67 enquiries.
96–98 Grove Road, Glenorchy – The 4,958sqm industrial site was sold to a local owner-occupier with a current holding income of $113,614 per annum. The campaign drew 27 enquiries and presents further rental uplift potential.
2 High Street, New Norfolk – The 230sqm retail property on 436sqm of land is leased to Workskills Inc. until August 2025, with a 3-year option. It includes an additional DA-approved 206sqm vacant parcel providing development potential.
North
126 Dexter Street, Westbury – The 3.21ha general residential-zoned site was sold with vacant possession to a developer. The property is council-approved for a 42-lot residential subdivision. The campaign attracted 30 enquiries.
10/76 Charles Street, Launceston – A 101sqm retail strata unit was sold fully leased to Aviva Parfumerie on a new 4-year term commencing September 2024. The property generates a net income of $31,904 per annum (excl. GST) and is zoned Central Business.
268–270 Invermay Road, Mowbray – A 635sqm retail complex on 1,601sqm land was sold fully leased across six tenancies, returning $172,748 per annum net (excl. GST).
264 Invermay Road, Mowbray – A 655sqm retail investment was sold fully leased to national tenants Integrated Living and Next Payments ATM, alongside a strong-performing Tasmanian green grocer. The property generates $108,296 net income per annum (excl. GST).
5 Venture Court, Invermay – An 1,860sqm industrial facility on 4,000sqm of land was acquired by a local investor with vacant possession. The sale campaign generated 27 enquiries.
80 Lindsay Street, Invermay – A 1,600sqm retail showroom on 3,698sqm of land sold at auction for $8.1 million to a private interstate investor. The property is 100% leased to Bunnings Group (Tool Kit Depot) on a new 8-year lease to 2033 with options to 2063. The sale reflects a 5.19% yield and $420,000 net income.
103 Canning Street, Launceston – The 1,050sqm tourism asset on 1,591sqm of land, formerly operated as a backpackers, was sold with vacant possession to a local owner-occupier. The campaign received 59 enquiries.
46–48 Macquarie Street, George Town – The 425sqm retail asset on 326sqm of land is currently leased to Smokemart and Signature Café. Zoned General Business.
Northwest
Lot 1 Jernej Way, Ulverstone – A national developer acquired this 33,900sqm vacant development site with the campaign receiving over 110 enquiries.
1–3 Finlaysons Way, Devonport – The 806 sqm showroom property on a site of 2,295 sqm was sold at auction for $2.84 million. The site is leased to Petbarn and Vinnies returning a net income of $166,809* per annum, with a passing yield of 5.87%.
9 River Road, Wivenhoe – A 693sqm industrial property with compact office and workshop facilities was sold to a local owner-occupier via private treaty. The campaign attracted 24 enquiries.
16 Devon Street, South Burnie – The 290sqm industrial facility on 863sqm land was acquired by an interstate investor. The asset is leased to a long-term occupant, returning $27,796* per annum (net), and sold on a 5.40% yield. The campaign received 28 enquiries.
*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.