March saw strong momentum across Tasmania’s commercial property market, highlighted by significant transaction volume and diverse buyer activity. The landmark off-market sale of 22 Elizabeth Street & 103 Macquarie Street in Hobart, underscored continued appetite for high-quality office assets with a number of competitive offers. The property, that is predominantly leased to the Department of Health, was secured by a mainland family office. This transaction, in addition to Charter Hall’s $50.25 million acquisition of Glebe Hill Village in Howrah, highlights the continued interest in major assets in the Tasmanian market.
Owner-occupiers remained active, particularly in the Launceston and Devonport regions, acquiring both medical and mixed-use assets with vacant possession. Regional industrial property also drew strong attention, including the $4.325 million sale of PFD Foods in Devonport on a long-term lease to Woolworths.
Activity spanned across retail, office, industrial, and hospitality sectors, with interstate and local investors capitalising on secure leases, development upside, and value-add potential. The volume and range of deals signal continued confidence in Tasmania’s commercial market across all regions.
South
Sold by Elders Commercial
22 Elizabeth Street & 103 Macquarie Street, Hobart – One of Tasmania’s largest office asset sales in recent years, sold off-market to a mainland private family office. The 10,757* sqm asset is predominantly leased to the Department of Health with a WALE of approximately 6.5 years.
Unit 2, 638 Sandy Bay Road, Sandy Bay – A local owner-occupier purchased this 66* sqm strata-titled office suite for $515,000. The property offers undercover parking and was sold with vacant possession in a tightly held precinct.
174 Brighton Road, Brighton – A 340* sqm former medical premises was sold off-market with vacant possession to a local owner-occupier. The property is well located within Brighton’s commercial precinct.
Sold by other agencies
Glebe Hill Village, 1 Commerce Drive, Howrah – The 6,002* sqm retail centre was purchased by Charter Hall for $50.25 million, representing one of the largest retail deals in the state to date. Anchored by Coles and supported by Priceline, McDonald’s and Liquorland, the property received over 350 enquiries. It was previously owned by Tipalea Partners.
North
Sold by Elders Commercial
13504 Midland Highway, Epping Forest – The 7.4* ha landholding was sold with vacant possession. Offering future development potential, the site is well positioned for land and industrial use.
17 Westbury Road, South Launceston – This 1,736* sqm industrial building on 3,477* sqm of land was sold to a interstate investor. The asset is tenanted by ZircoData Pty Ltd and transacted at a circa 6% yield.
84 George Street, Launceston – A local owner-occupier acquired the 201* sqm mixed-use property for $1.3 million following 32 enquiries. Sold with vacant possession, the property occupies a central position in Launceston.
35 Lyttleton Street, Launceston – A 142* sqm medical property on 414* sqm of land sold off-market for $925,000 to a known operator in the healthcare sector. The property was transacted with vacant possession.
20 Lindsay Street, Invermay – A 753* sqm hospitality asset formerly operated as backpacker accommodation was purchased by an interstate developer. The property was sold with vacant possession and offers strong renovation potential.
Northwest
Sold by Elders Commercial
23 Hillcrest Road, Devonport – A local investor acquired this 218* sqm industrial property for $320,000. The property is currently tenanted on a month-to-month basis.
64 – 65 Main Road, Wivenhoe – The 9,000* sqm dual-zoned development site was acquired by a local owner-occupier with vacant possession. Positioned in Wivenhoe’s key industrial precinct, the property attracted strong local interest.
Sold by other agencies
PFD Foods, 28 Hillcrest Road, Devonport – The 3,198* sqm industrial facility on a 19,520* sqm site sold at auction for $4.325 million. It is secured by a long net lease to 2036 to Woolworths, with options extending to 2071.
9 Reibey Street, Ulverstone – A modern 128* sqm retail shop front sold with vacant possession. Located in a high-traffic retail strip, the property suits both owner-occupiers and investors.
2 Mount Street, Burnie – A 602* sqm high-profile corner retail asset featuring an Ampol service station, two commercial tenancies, and one residential tenancy. Fully leased and well-located in Burnie’s CBD.
East Coast
Sold by Elders Commercial
Barkmill Tavern, 96 Tasman Highway, Swansea – An interstate investor acquired the 1,395* sqm hospitality asset on a 7.6% yield. It features two separate 7-year leases for a bar/bottleshop and bakery, within recently refurbished buildings.
*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.