Commercial property activity across Tasmania remained buoyant throughout May, with investor interest spread evenly across the retail, industrial, development, and office sectors. Notably, the Southern region continued to dominate transactional volume, particularly in the industrial and retail markets, while the North and North West also registered a solid run of sales across mixed-use and development sites.
In the south, strong private investor interest drove results across multiple asset classes. Key highlights include the sale of Units 1-4, 63 Salamanca Place in Battery Point; a premium, fully leased investment generating over $400,000 in gross annual income; which attracted 122 enquiries, and 58 Harrington Street in Hobart, a high profile 1,322sqm, re-development opportunity in the CBD which attracted over 60 enquiries and sold to an overseas developer.
In Launceston and surrounding northern municipalities, activity was led by strong leasing covenants and vacant possession opportunities. Standout transactions included 63 St John Street, a centrally located retail/office building sold fully leased, and 59B Amy Road in Newstead, a long-leased childcare investment returning $381,600 p.a., demonstrating continued appetite for secure income-producing assets.
The North West recorded steady sales across the region, led by development and tourism stock with regional development parcels such as 30 Austin Street, Wynyard and 90 Pioneer Drive, Mole Creek (Mole Creek Hotel) highlighting growing occupier confidence in regional Tasmania.
Across the board, buyer profiles ranged from private investors and owner-occupiers to syndicates and offshore interests, with enquiries per campaign often exceeding 50; signaling continued market resilience, demand for leased stock, and increased confidence in development pipelines.
South
92–94 Augusta Road, Lenah Valley – The 285sqm retail investment on 488sqm of land was sold fully leased across three tenancies. The property generates a net income of $69,680 per annum.
Unit 9, 15 Stanton Place, Cambridge – The 160sqm industrial unit was sold with vacant possession. The property is positioned in the established Cambridge industrial precinct.
34a & 34b Burnett Street, New Norfolk – The 453sqm retail property on 481sqm land was sold fully leased with five mixed-use tenants including Subway. The asset returns a net rental of $76,408* per annum plus GST.
Units 1–4, 63 Salamanca Place, Battery Point – A private investor acquired the 829sqm mixed use, landmark Salamanca property following 122 enquiries. It comes fully leased and generates $403,997 per annum in gross income with a 5-year WALE.
147 Sandy Bay Road, Sandy Bay – The 280sqm retail property on 442sqm of land is comprised of three tenancies. The asset returns a net passing income of $66,402* per annum from two tenants.
10b Bangalee Street, Lauderdale – The 204sqm retail property on 925sqm land was sold via private treaty. Previously operated as the Lauderdale General Store with fuel and mechanical services.
Unit 1, 94 Grove Road, Glenorchy – The 3,448sqm industrial property was sold to a syndicate with a lease in place to Tas Trucks. It provides a 6.42% yield on a 3.5-year WALE expiring in July 2028 with further options. The campaign received 49 enquiries.
Suite 2, 73 Bathurst Street, Hobart – A 907sqm multi-tenanted office asset was sold with strong income diversification across various commercial occupiers.
58 Harrington Street, Hobart – A 1,322sqm development site in the CBD was sold to an overseas developer. The property offers excellent potential for commercial or mixed-use development with views over St David’s Park. The property was sold with vacant possession and formerly traded as the “Welcome Stranger hotel”.
33 Mornington Road, Mornington – The 807sqm industrial/retail property on 1,641sqm land is leased to Central Roofing Supplies, generating net income of $98,163* per annum. Recently renewed for 3 years with a further 2-year option.
24 Burnett Street, New Norfolk – The 390sqm mixed-use property on 380sqm land was sold with vacant possession.
North
17–23 Montagu Street, Invermay – The 1,808sqm industrial property on 5,844sqm of land was sold fully leased to the local subsidiary of NYSE-listed Genuine Parts Company. Situated in a strong growth area with bulky goods and retail development.
16 Techno Park Drive, Kings Meadows – A 905sqm office building on 1.54ha of land was sold on a 6.15% yield. Fully leased to Forico, a subsidiary of ASX-listed Perpetual Limited, on a renewed 5-year lease to June 2030.
63 St John Street, Launceston – The 1,186sqm retail/office building on 400sqm land was sold fully leased to a mix of tenants. Zoned central business.
33/61 George Street, Launceston – An 84sqm retail premises with secure lease to a well-regarded restaurant operator. Located in the vibrant George Street hospitality precinct.
Unit 2, 81–85 Elizabeth Street, Launceston – The 910sqm industrial premises on 1,225sqm of land was sold with vacant possession. Previously operated as W.P. Martin for close to two decades. Zoned Urban Mixed Use. The campaign received 36 enquiries.
1–3 Chant Street, East Launceston – A 420sqm commercial building on 1,268sqm land was sold at auction with vacant possession. Zoned General Residential.
59B Amy Road, Newstead – The 883sqm childcare investment on 5,593sqm of land was sold with a 15-year lease to Newstead Childcare Centre to 2039. The asset generates $381,600* per annum net income plus GST.
North West
90 Pioneer Drive, Mole Creek – A 6,475 sqm freehold and business tourism asset was sold to an overseas purchaser. The campaign received 63 enquiries.
16 Devon Street, South Burnie – The 290 sqm industrial facility was sold to an interstate investor at a yield of 5.34%. The campaign attracted 27 enquiries.
5 Orchard Crescent, Spreyton – A 2,479 sqm parcel of vacant industrial land was sold to a local owner-occupier.
30 Austin Street, Wynyard – A 10,100 sqm site with substantial part two level building of 2,362* sqm (GBA) was sold with vacant possession to an owner occupier. The site had previously been occupied by the C3 Church and was zoned General Residential. The campaign attracted 59 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.