Tasmania’s commercial property market recorded solid transactional activity throughout March, with a diverse mix of retail, industrial, office and development site sales across the state. Activity was particularly concentrated in the northern markets, while southern industrial precincts continued to record consistent demand from both investors and owner-occupiers.
Industrial assets again featured prominently, with strong owner-occupier demand across the Greater Hobart precincts of Cambridge, Glenorchy, Moonah and Huntingfield. Several warehouse properties sold with vacant possession, highlighting continued expansion among local businesses. A notable transaction included a substantial industrial facility in Glenorchy acquired by an owner-occupier, reflecting demand for high-clearance buildings with ample hardstand and parking.
8 Knoll Street, Glenorchy
The northern market, particularly around Launceston, recorded a broad range of sales across retail, office, medical and industrial sectors. Investor demand remained strong for leased assets, including a fully leased office property in South Launceston which transacted for $790,000, and a strata office investment in the Launceston CBD selling on a yield of approximately 7.20%. Industrial investment activity also featured, including a large facility at Prospect Vale leased to a national agricultural operator on CPI-linked increases.
Retail investment properties remained active across both metropolitan and regional locations. A fully leased multi-tenanted retail property in Huonville sold to an interstate investor on a yield of approximately 7.70%, while smaller retail investments in New Norfolk and Moonah attracted local buyer interest. Character retail buildings in Launceston’s CBD and fringe locations also transacted, reflecting ongoing demand for value-add opportunities.
155 Charles Street, Launceston
Several owner-occupier purchases were recorded, particularly across retail and mixed-use buildings. A multi-level retail property in Hobart sold with vacant possession to an owner-occupier, while additional purchases across the south highlighted continued confidence in flexible-use buildings with redevelopment potential.
Regional activity continued, with a freehold service station property in Triabunna sold with vacant possession.
Development and value-add opportunities also featured, including a development site in Newstead and vacant industrial land at Western Junction near the airport, highlighting continued interest in future industrial and mixed-use development.
Key Observations
- Industrial assets remained the most active sector, particularly among owner-occupiers.
- Investor demand focused on securely leased retail, office and industrial properties.
- Vacant possession buildings attracted value-add buyers across both north and south.
- Regional centres continued to record consistent investor activity.
- Yields generally ranged from the mid-5% to high-7% bracket depending on lease profile and location.
South
1/118 Gormanston Road, Moonah
An industrial unit sold with vacant possession, comprising approximately 377 sqm of building area. The property features concrete tilt slab construction within the General Industrial zone.
352 Macquarie Street, South Hobart
A retail investment fully leased to long-term tenant Magnolia Flowers, comprising approximately 434 sqm of building area on a 490 sqm site.
21/15 Stanton Place, Cambridge
A light industrial warehouse comprising approximately 100 sqm on a 115 sqm site, sold with vacant possession.
26–34 Main Street, Huonville
A fully leased multi-tenanted retail investment sold to an interstate investor. The property generates approximately $144,234 per annum and sold on a yield of approximately 7.70%.
3 Windsor Street, Kingston Beach
An office property sold with vacant possession, comprising approximately 126 sqm of building area on a 473 sqm site.
9 High Street, New Norfolk
A retail investment generating gross income of approximately $23,000 per annum. The property comprises approximately 211 sqm of building area on a 205 sqm site.
Suite 7, 73–75 Main Road, Moonah
A multi-tenanted retail investment with four tenants and WALE of approximately 5.1 years. The anchor tenant holds a new 10-year lease. The property comprises approximately 344 sqm.
4/17 Ascot Drive, Huntingfield
A brand new industrial warehouse unit comprising approximately 212 sqm, sold with vacant possession.
8 Knoll Street, Glenorchy
A substantial industrial facility sold to an owner-occupier, comprising approximately 1,372 sqm of building area on a 1,751 sqm site.
Unit 4, 4 Railway Court, Cambridge
A fully leased showroom/warehouse sold off-market to a local investor, comprising approximately 327 sqm.
126 Elizabeth Street, Hobart
A three-level retail property sold to an owner-occupier with vacant possession, comprising approximately 205 sqm.
6 Vicray Street, Triabunna
A freehold service station and workshop sold with vacant possession. The property comprises approximately 213 sqm of building area on an 808 sqm site, benefitting from prominent corner positioning and tourism exposure.
North
155 Charles Street, Launceston
A character-rich retail property comprising approximately 300 sqm of building area on a 190 sqm site. The asset is leased through to August 2026 with two further three-year options.
31 Dowling Street, Launceston
An industrial warehouse sold with vacant possession, comprising approximately 335 sqm of building area on a 1,358 sqm site. The property includes 31 on-site parking spaces leased to a local private school, providing supplementary income of approximately $24,784 per annum from March 2026.
1/31 Churchill Park Drive, Invermay
A commercial industrial unit sold with vacant possession, comprising approximately 323 sqm of building area.
317 Wellington Street, South Launceston
An office property sold for $790,000, fully leased to Lady Gowrie Tasmania Incorporated on a five-year term expiring November 2027. The property comprises approximately 175 sqm of building area on a 596 sqm site.
135–137 St John Street, Launceston
A character retail investment fully leased, generating net income of approximately $83,713 per annum from the ground floor, with further rental upside available from first floor completion. The property comprises approximately 237 sqm of building area on a 679 sqm site.
20 Johns Street, Western Junction
A General Industrial zoned landholding of approximately 0.72 hectares sold with vacant possession. The site is located approximately 500 metres from the airport entrance.
440–444 Westbury Road, Prospect Vale
A large industrial investment leased to Nutrien Ag Solutions on a double net lease returning approximately $135,779 per annum plus GST with CPI increases. The property comprises approximately 1,682 sqm of improvements on a 5,155 sqm site.
Unit 2, 139–143 Hobart Road, Kings Meadows
A medical investment leased to IPIC Pty Ltd (Eyelines), with a newly exercised five-year option and rent of approximately $58,121 per annum plus GST. The premises comprise approximately 181 sqm.
1–3 Penquite Road, Newstead
A development site comprising two titles totalling approximately 850 sqm sold with vacant possession within the Local Business zone.
Lot 2, 67–75 Paterson Street, Launceston
A strata office investment fully leased to JMG returning approximately $104,671 per annum, with lease expiry in 2030. The property comprises approximately 398 sqm and sold on a yield of approximately 7.20%.
35–39 Cameron Street, Launceston
A substantial multi-level hotel property comprising approximately 2,219 sqm. The building includes an existing café tenancy and vacant areas with repositioning potential.
59–63 Holbrook Street, Invermay
A commercial retail/warehouse property comprising approximately 540 sqm, sold with vacant possession and benefitting from dual street frontage.
*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.