June rounded out the financial year with a year high of 33 transactions across Tasmania’s commercial property market. Sales spanned all sectors, while buyer demand was largely drawn from local owner-occupiers, developers and interstate investors across all three regions.
The South again recorded the highest volume of activity, with notable depth across the industrial, development site and retail sectors. Development land was a particular feature, headlined by the 5–9 Main Road, Moonah holding, a substantial dual-zoned parcel producing holding income across eight tenancies and offering significant scale for a future landmark scheme, along with 17 Commerce Drive, Howrah, a general business-zoned lot positioned metres from the Glebe Hill Village Shopping Centre. Industrial demand remained firm, with securely leased showroom-warehouse units at Railway Court, Cambridge transacting to interstate investors, and owner-occupier interest evident across Cambridge and Bridgewater.
Retail and hospitality investment activity also featured strongly in the South. The prominent heritage building at 32 Davey Street, Hobart, securely leased to a long-standing medical tenant, and 108–112 Sandy Bay Road, Sandy Bay, leased to Casa Monde Lighting Specialists for over 50 years, both drew investor interest. Purpose-built accommodation assets transacted with secure leaseback structures, including 128a Augusta Road & 2 Haig Street, Lenah Valley, leased back to Hobart City Mission for supported independent living.
5–9 Main Road and 1 & 1a Station Street, Moonah
The North West delivered several of the month’s largest transactions. Standouts included 108–114 Gilbert Street, Latrobe, an impressive main-street retail holding leased to Hill Street Grocer and Mitre 10 with a solid 7.3-year WALE, sold to an interstate investor on a 7.46% yield, and the University of Tasmania also acquired the former motel at 38 Queen Street, Burnie for owner-occupation.
38 Queen Street, Burnie
The North recorded a balanced mix of activity, concentrated around Launceston and surrounding municipalities. Office investments were prominent, including 109 York Street, Launceston, sold to a local developer with a leaseback to the Australian Radio Network on a 6.6% yield, along with securely leased and vacant possession office suites across the Launceston CBD and Kings Meadows commercial hub. Development land at Western Junction and Longford also transacted, reflecting continued interest in northern industrial precincts.
Key Observations
- Development sites were among the most actively traded assets, with strong demand across Greater Hobart and the North for strategically positioned, zoned landholdings.
- Large-format and national-tenant retail investments drew significant interstate interest, particularly in the North West where several of the month’s largest transactions occurred.
- Owner-occupiers remained active across the industrial and office sectors, underpinning depth in the vacant possession segment.
- Securely leased office assets continued to appeal to investors and developers, particularly those with leaseback structures or prominent CBD and arterial positioning.
South
5–9 Main Road, 1 & 1a Station Street, Moonah
A substantial development holding comprising approximately 3,141 sqm of building area on a 10,185 sqm site, sold to a local developer. The property produces a passing net income of approximately $359,817 per annum across eight tenancies. Development-friendly topography, dual commercial and industrial zoning and scope for large-format retail, mixed-use, hotel or residential outcomes (STCA) provide flexibility to deliver a landmark scheme at scale.
17 Commerce Drive, Howrah
A substantial general business-zoned development lot of approximately 6,505 sqm (0.65 ha), sold with vacant possession to a local developer at approximately $630 per sqm. Positioned metres from the new Coles and McDonald’s-anchored Glebe Hill Village Shopping Centre.
19 Kingston View Drive, Kingston
A large medium-density development site of approximately 3.02 hectares, sold with vacant possession. The site benefits from exceptional nearby amenity and views.
32 Davey Street, Hobart
A prominent three-level heritage building comprising approximately 921 sqm, positioned within one of Hobart’s most tightly held professional and commercial precincts. The ground floor is securely leased to a long-standing medical tenant.
108–112 Sandy Bay Road, Sandy Bay
A retail investment comprising approximately 340 sqm of building area on a 457 sqm site, sold to a local developer. Occupied by long-standing tenant Casa Monde Lighting Specialists, who have held the property for over 50 years, on a net lease structure returning approximately $53,523 per annum plus GST with minimal landlord outgoings. Prime corner position at Sandy Bay Road and Quayle Street, offering exceptional exposure and street presence.
128a Augusta Road & 2 Haig Street, Lenah Valley
Two purpose-built accommodation properties comprising approximately 494 sqm of building area on a 1,019 sqm site, sold with a secure 10-year leaseback to Hobart City Mission. Both properties are redeveloped to meet accessibility requirements for supported independent living, featuring level access, lifts, handrails, wide doorways and fully accessible amenities.
39 Burnett Street, North Hobart
A two-level office property comprising approximately 445 sqm of building area on an 863 sqm site, sold to a local investor. The commercial space was sold with vacant possession, while residential tenancies remain leased and provide passing income. The layout allows for multi-tenancy, with private rear access enabling separation between tenancies and uses.
41 Barrack Street, Hobart
A substantial accommodation building comprising approximately 421 sqm, positioned on a prominent corner holding in the heart of the Hobart CBD. Currently operated as NDIS accommodation.
284a–284d Argyle Street, North Hobart
A former brewery building comprising approximately 728 sqm of building area on a 1,138 sqm site, sold with vacant possession to a local owner-occupier. The property includes a taproom, a function centre with distillery, a brew room, a dry store and additional rear storage, complemented by high-end finishes and an external elevated timber deck ideal for customer engagement or events.
Unit 2, 4 Railway Court, Cambridge
A high-quality showroom-warehouse unit of approximately 490 sqm, constructed in 2024, sold to an interstate investor. Leased to Wholesale Paint Group. The asset features modern design, full-height glazed frontage, high-clearance warehousing and an efficient layout. Zoned Light Industrial.
Unit 3, 4 Railway Court, Cambridge
A high-quality showroom-warehouse unit of approximately 490 sqm, constructed in 2024, sold to an interstate investor. Leased to Opposite Lock, a 4WD retailer. The asset features modern design, full-height glazed frontage, high-clearance warehousing and an efficient layout. Zoned Light Industrial.
Unit 4, 205 Kennedy Drive, Cambridge
A high-clearance concrete tilt-panel warehouse comprising approximately 290 sqm of building area on a 247 sqm site, sold with vacant possession to an interstate owner-occupier. The property features full-height roller door access, quality office fitout and upgraded staff amenities. Strategically located with direct access to the Tasman Highway.
102 Browns Road, Kingston
A self-storage facility comprising approximately 750 sqm of building area on a 0.53 hectare site, generating gross operating income of approximately $169,625 per annum plus GST. Improvements include an approximately 450 sqm warehouse with office and amenity on a monthly arrangement, a four-bedroom, two-bathroom residence, and a self-contained one-bedroom studio flat.
29 Possum Road, Bridgewater
A substantial industrial facility comprising approximately 1,275 sqm of building area, held under a short-term lease to COS with a current net income of approximately $177,332 per annum plus GST. The property comprises an approximately 1,040 sqm clear-span, high-clearance warehouse complemented by a well-appointed 201 sqm dual-level office component.
284 Bicheno Street, Clifton Beach
An industrial property comprising approximately 360 sqm of building area on a 0.62 hectare site, sold with vacant possession. Two structures include a modern clear-span shed with multiple high-clearance roller doors and a secondary multi-compartment building with workshop space, storage rooms and bathroom amenity. Zoned Rural.
42 Derwent Park Road, Derwent Park
A well-constructed commercial building of approximately 81 sqm on a 525 sqm site, built in 1996, offering a versatile layout suitable for various commercial applications. Tenanted on a five-year lease from October 2025 with 2 x 2 year options. Zoned Commercial.
29 Salamanca Square, Battery Point
An office suite comprising approximately 119 sqm on a 119 sqm site, sold with vacant possession. The flexible, open-plan layout includes three private offices, a boardroom, store room, kitchen and two bathrooms, plus one car park.
North
109 York Street, Launceston
An office property comprising approximately 557 sqm, sold to a local developer on a 6.6% yield. Secured by a one-year leaseback to the Australian Radio Network with income of approximately $95,000 per annum plus GST. Prominently positioned on York Street, one of Launceston’s primary arterial roads and a key exit point from the CBD, offering exceptional exposure to high volumes of passing traffic.
14/61 George Street, Launceston
An office suite comprising approximately 95 sqm on a 106 sqm site, leased to Harrison Agents on a 3 + 3 year lease, with the tenant responsible for all statutory outgoings and body corporate costs. Features a high-quality recent fitout with negligible landlord capital expenditure.
Unit 3, 139–143 Hobart Road, Kings Meadows
A securely leased office investment comprising approximately 322 sqm, leased to Johnson Training Pty Ltd at an estimated net rent of approximately $54,119 per annum plus GST, with the lease secured to July 2028 plus further options. Located in the prime Kings Meadows commercial hub.
Suite 21, 87–91 Brisbane Street, Launceston
A well-presented office suite comprising a total lettable area of approximately 63 sqm, sold with vacant possession. Centrally positioned with access to Brisbane Street, York Street and the Quadrant Mall, the suite comprises two private office rooms with a reception/waiting area.
Unit 30, 9 Innocent Street, Kings Meadows
An industrial property comprising approximately 250 sqm of total warehouse space split across two adjoining tenancies, sold with vacant possession. The tenancies can be combined into a single larger occupancy, each supported by office space and amenities, providing a practical setup for a range of business uses.
7 Munro Street, Western Junction
A development site of approximately 1.21 hectares, sold with vacant possession. The site holds a DA for a 4,000 sqm warehouse plus offices, with awning and full concrete perimeter, and benefits from the coveted ‘Area 1’ Translink zoning overlay allowing uses such as manufacturing, processing and storage (STCA).
Lot 1, 8 Union Street, Longford
An industrial property comprising approximately 275 sqm of building area on a 2,181 sqm site, sold with vacant possession. Improvements include a circa 230 sqm warehouse building inclusive of office space and an additional storage shed of approximately 45 sqm.
62 Meander Valley Road, Westbury
A village-zoned retail holding of approximately 2,149 sqm, comprising a retail showroom, café, and rear workshop and yard. The main space, currently owner-occupied by the ‘Westbury Hardware Home & Co’ business, was offered with vacant possession, alongside a separate fully leased café.
North West
108–114 Gilbert Street, Latrobe
An impressive main-street retail holding comprising approximately 3,754 sqm of building area on a massive 11,592 sqm site, sold to an interstate investor on a 7.46% yield. Secured by leases to Hill Street Grocer (to 2035 plus options to 2085) and Mitre 10 Australia (wholly owned by ASX-listed Metcash), with a solid WALE of 7.3 years and net income of approximately $596,986 per annum plus GST. Zoned General Business.
38 Queen Street, Burnie
A former motel comprising approximately 1,208 sqm of building area on a 3,103 sqm site, sold with vacant possession to a local owner-occupier, purchased by the University of Tasmania. Significant improvements include 24 motel-style rooms, a self-contained one-bedroom flat, a three-bedroom manager’s residence, and a substantial restaurant, function room and commercial kitchen. Zoned General Residential.
42–44 Wilson Street, Burnie
A retail holding comprising approximately 1,061 sqm, located within the well-established Burnie Plaza Arcade in a high-profile corner position linking Wilson and Mount Streets. The property comprises 11 separate tenancies providing a diverse and stable income stream of approximately $84,830 per annum.
93 Forbes Street, Devonport
An office property comprising approximately 450 sqm of building area on a 1,330 sqm site, sold with vacant possession. Previously home to the Lutheran Church, the building includes parking, showrooms and office space. Zoned Residential.
75 Mersey Main Road, Spreyton
An industrial warehouse comprising approximately 290 sqm of building area on a 277 sqm site, sold off-market with a lease in place. Positioned on a main road.
12 Stephen Street, East Devonport
A cleared vacant development site of approximately 827 sqm, sold with vacant possession, with access available to all standard utility provisions.
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.