November was another active month across Tasmania’s commercial property market, with sales recorded in all major regions and across a diverse mix of sectors. Buyer demand remained broad, with both local and interstate investors pursuing long-leased retail and industrial assets, while owner-occupiers continued to drive depth in the sub-$2 million segment.
The South continued to lead the state in sales volume and transaction value, recording multiple notable deals across the industrial, retail, and office sectors.
Key transactions included 56–58 Melville Street, Hobart, an office investment tenanted by Uniting, producing a diversified income stream of approximately $122,000 per annum, and 53 Sandy Bay Road, Battery Point, a significant Henry Hunter–designed heritage office and consulting building sold via Expressions of Interest following strong local and international enquiry.
‘Gattonside’ 53 Sandy Bay Road, Battery Point
Industrial activity remained strong with 14/2 Kennedy Drive, Cambridge, sold on a new 3+5+5-year lease returning $51,700 per annum, and Unit 4, 66 Droughty Point Road, Rokeby, trading on a 6.2% yield with a new 5-year lease in place. Additional industrial sales included 33 Possum Road, Bridgewater, a high-clearance warehouse sold with vacant possession, and 14–18 Linear Court, Derwent Park, a major industrial holding offered with a short-term leaseback to Kinetic Bus Services.
Retail highlights included 5 Salamanca Square, Battery Point, sold on a new 10-year lease to national operator San Churro, with a net income of $132,700 per annum, and 309 Cambridge Road, Mornington, a multi-tenanted asset sold to a national investor by EOI.
Launceston’s CBD and surrounding commercial precincts remained active, with several small-to-mid-tier transactions. Level 2 and Level 3, 10–14 Paterson Street sold individually for $760,000 and $850,000 respectively, while 34–36 Paterson Street—the Pilgrim Church complex—was acquired as a redevelopment opportunity.
Industrial assets in Waverly and Prospect Vale continued to attract strong interest, while retail assets in Newnham and Westbury saw movement among local investors and owner-occupiers.
Shop1, 29 Mount Street, Burnie
The North West experienced steady sales across retail and office assets. Highlights included Shop 1, 29 Mount Street, Burnie, a large retail asset sold with vacant possession, 6 Barker Street, Devonport, a modern multi-suite office building sold with vacant possession, and 69 Reibey Street, Ulverstone, a mixed-use commercial property with long-term tenants in place.
On the East Coast, Unit 7, 76 Kunzea Circuit, Coles Bay and Lot 12 Granite Avenue, Bicheno represented smaller industrial and development site transactions, reflecting steady regional demand.
Key Observations
- Investor appetite remained strong for long-leased retail and industrial assets across all regions.
- Owner-occupiers continued to underpin market activity, particularly within the $1–$2 million price range.
- Industrial assets remain the dominant sector, with yields averaging between 5% and 6.5%.
- The office market saw renewed interest, with Hobart and Launceston both recording multiple mid-tier transactions.
- Heritage and character assets in Battery Point and Central Hobart continue to attract both local and national enquiry.
South
56–58 Melville Street, Hobart
The 1,256sqm office building on a 2,608sqm landholding sold fully leased to Uniting. The property delivers a diversified income stream, generating approximately $122,085 per annum.
14/2 Kennedy Drive, Cambridge
A 200sqm industrial unit sold with a 3+5+5-year lease in place, returning $51,700 per annum net plus GST and outgoings.
338–388A Main Road, Glenorchy
A 506sqm retail property on 690sqm of land sold with vacant possession. The building offers flexible potential after previously operating as Snow’s Dry Cleaners.
5 Salamanca Square, Battery Point
A 127sqm retail investment sold on a new 10-year lease to national operator San Churro. The asset returns $132,700 per annum net with fixed increases.
Unit 4, 66 Droughty Point Road, Rokeby
The 300sqm industrial unit sold to a local investor on a 6.2% yield. A brand-new 5-year lease was recently secured, providing strong income certainty.
37a Bridge Street, Richmond
A 90sqm retail property on 940sqm of land sold leased to two established retail tenants with combined net income of $39,220 per annum.
53 Sandy Bay Road, Battery Point
An iconic 479sqm Henry Hunter–designed office and consulting building on a 2,055sqm landholding sold with vacant possession following a competitive Expressions of Interest process.
309 Cambridge Road, Mornington
A fully-leased 635sqm retail and commercial asset sold via Expressions of Interest to a national investor. The property provides an attractive passing income and strong tenant mix.
Unit 2, 94 Grove Road, Glenorchy
A 986sqm industrial unit on 7,346sqm of land sold on a 6.75% yield. The longstanding tenant generates net income of approximately $210,000 per annum.
33 Possum Road, Bridgewater
A 500sqm high-clearance industrial warehouse on 1,441sqm land sold with vacant possession. Zoned General Industrial.
14–18 Linear Court, Derwent Park
A substantial 5,816sqm industrial facility on 1.19ha sold with a short-term leaseback to an established transport operator. Zoned General Industrial.
20 Hull Street, Glenorchy
An 848sqm warehouse on 3,498sqm of land sold with vacant possession. Zoned Light Industrial.
North
4 Swanston Drive, Waverley
A 540sqm industrial building sold with secure holding income of $65,000 per annum plus GST and outgoings.
454 Westbury Road, Prospect Vale
A 512sqm industrial property on 1,090sqm land sold with vacant possession.
38 William Street, Westbury
A 1,080sqm retail property on 1,595sqm land sold with vacant possession. The property includes a four-bedroom home at the rear.
140 George Town Road, Newnham
A 140sqm retail property on 599sqm land, formerly operating as Newnham Meat Service, sold with vacant possession.
Level 2, 10–14 Paterson Street, Launceston
A 263sqm office suite leased to two multinational tenants sold to an investor. The property provides net income of $48,589 per annum.
Level 3, 10–14 Paterson Street, Launceston
A 255sqm loft-style top floor office sold with vacant possession.
377 Invermay Road, Mowbray
A 97sqm retail building on 696sqm land sold leased to a longstanding operator on a renewed 5-year term beginning January 2026.
34–36 Paterson Street, Launceston
The Pilgrim Church complex, comprising a historic church, hall and chambers, sold as a redevelopment opportunity. Zoned Urban Mixed Use.
57 Punchbowl Road, Punchbowl
A mixed-use building comprising commercial and residential tenancies sold leased, generating gross income of $43,230 per annum.
Northwest
69 Reibey Street, Ulverstone
A 377sqm mixed-use commercial building with an established long-term retail tenant and residential tenancy sold to an investor.
Lot 7/5 Arthur Street, Rosebery
A 300sqm BP service station and workshop sold with vacant possession. The transaction included both business and freehold.
Shop 1, 29 Mount Street, Burnie
A 557sqm retail premises sold with vacant possession. Zoned Central Business.
6 Barker Street, Devonport
A 138sqm modern office building with multiple suites sold with vacant possession.
23 Orr Street, Queenstown
A 100sqm mixed-use retail property with a two-bedroom residence sold with vacant possession.
5-13 Scotchtown Road, Smithton
Currently operating as the Tall Timbers Hotel, the multi-award winning resort was sold by private treaty to a local hotelier with a yield of 11.7%.
East Coast
Unit 7, 76 Kunzea Circuit, Coles Bay
A 79sqm industrial unit sold with vacant possession.
Lot 12 Granite Avenue, Bicheno
A 3,859sqm light industrial development site sold to a local buyer.
*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.