Tasmania’s commercial property market recorded strong and diverse transactional activity across the summer period.
Industrial assets once again dominated activity, particularly across the Greater Hobart industrial precincts of Cambridge, Glenorchy, Derwent Park and Moonah, while the Launceston and Invermay industrial markets continued to record steady demand from both investors and owner-occupiers.
Retail investment properties also remained active, particularly those with secure leases to established tenants or national operators. Several notable investment transactions occurred in Devonport and Launceston, while smaller CBD retail strata units in Hobart continued to attract local investor interest.
Buyer demand remained broad, with interstate investors acquiring several larger industrial assets, while local investors and owner-occupiers were prominent across smaller industrial and retail opportunities.
One of the standout sales during the period was the Tasmanian Police State Headquarters at 47 Liverpool Street, Hobart, a prominent CBD office building purchased by an investor following an expression of interest campaign that attracted enquiry from across the country and abroad.
Tasmanian Police State Headquarters at 47 Liverpool Street, Hobart
Large-scale industrial transactions also featured prominently, including 18 Hull Street, Glenorchy, a substantial warehouse leased to CP Group and King Trailers generating approximately $250,039 per annum, and 11C Lampton Avenue, Derwent Park, a long-held logistics asset leased to Australia Post.
In the North, a major industrial distribution facility at 25–31 Tasman Highway, Waverley, occupied by Australian Liquor Marketers and returning approximately $401,566 per annum, highlighted continued investor appetite for logistics assets with secure income streams.
Retail investment activity included the Hungry Jack’s ground lease at 112 William Street, Devonport, sold at auction with a new 10-year lease, as well as the Caltex Service Centre at 34 William Street, Devonport, leased to Roo Petroleum on a long-term triple net lease.
Hungry Jack’s ground lease at 112 William Street, Devonport
Development land sales were also recorded across the state, including sites in Bridgewater, Cambridge and Derwent Park, reflecting continued interest in future industrial and mixed-use development opportunities.
Key Observations
- Industrial assets remain the most active sector across Tasmania.
- Investor demand continues to favour securely leased assets with strong tenant covenants.
- Owner-occupiers remain active across smaller industrial and mixed-use buildings.
- Interstate buyers continue targeting larger industrial and logistics properties.
South
47 Liverpool Street, Hobart
The Tasmanian Police State Headquarters, a high-profile landmark CBD office building fully leased to the State Government with a short remaining lease term was sold to a private developer considering potential conversion to alternative uses. The building has a Net Lettable Area of 4,665 sqm plus 35 car parking bays on a site of 1,513 sqm.
261 Macquarie Street, Hobart
A refurbished mixed commercial and residential office property sold with vacant possession, comprising approximately 180 sqm of building area on a 336 sqm site.
154 East Derwent Highway, Lindisfarne
A development site comprising a 200 sqm dwelling and 63 sqm shopfront sold with vacant possession. The 1,204 sqm property is zoned Local Business.
2–4 Junee Street, Chigwell
A retail property sold with vacant possession, comprising approximately 254 sqm of building area on a 1,181 sqm site and zoned Community Purpose.
146a–150 Elizabeth Street, Hobart
A prominent CBD retail property providing immediate holding income from four ground-floor retail tenancies. The asset occupies a 907 sqm site with 516 sqm of building area and is zoned Central Business.
Lot 1, 110 Cove Hill Road, Bridgewater
A 0.72 hectare development land parcel sold with vacant possession, benefiting from General Industrial zoning.
34 Chesterman Street, Moonah
An industrial warehouse sold with a seven-year leaseback to Tricab Cables & Accessories generating approximately $235,000 per annum plus GST. The property comprises 1,190 sqm of building area on a 3,106 sqm site and is zoned Light Industrial.
105 Grove Road, Glenorchy
A warehouse property comprising approximately 540 sqm across two conjoined single-level workshops sold with vacant possession to an interstate investor. The property sits on a 1,504 sqm site within a Light Industrial zone.
Unit 1, 13 Abernant Way, Cambridge
A near-new industrial warehouse in the growing Cambridge industrial precinct sold as a leased investment. The property comprises approximately 490 sqm of building area with a lease in place to January 2034 returning $108,150 per annum plus outgoings and GST.
126 Stonefield Estate, Brighton
The heritage-listed Georgian homestead known as Stonefield Estate sold with vacant possession. The property sits on approximately 4.93 hectares and was previously operated as a wedding and function venue.
138 Collins Street, Hobart
The Backpackers Imperial Hotel sold as a going concern to an interstate owner operator. The substantial three-level CBD accommodation building has a building area of approximately 2,776 sqm containing 69 rooms, plus 5 staff rooms and a manager’s residence and has an annual revenue of circa $1.1 million.
31B Murray Street, Hobart
A small CBD retail strata unit leased to Halfway South, located within the Central Business zoning precinct.
13–15 Cromwell Street, Battery Point
A generational accommodation property known as Battery Point Manor sold with vacant possession. The building comprises approximately 990 sqm on a 1,371 sqm site.
11C Lampton Avenue, Derwent Park
A major industrial facility leased to Australia Post, who have occupied the property for more than 20 years. The asset comprises approximately 1,816 sqm of building area on a 3,954 sqm site.
12 & 14 Cessna Way, Cambridge
An industrial warehouse property sold with vacant possession to an owner-occupier. The highly functional open-span warehouse comprises approximately 204 sqm of building area on a 282 sqm site.
60 Lower Road, New Norfolk
A substantial retail investment comprising a 25-unit residential complex leased to a Community Housing Provider. The property generates approximately $424,969 per annum and occupies a 1,450 sqm site.
8 Percy Street, Bellerive
A multi-tenanted warehouse property comprising approximately 1,668 sqm of building area on a 1,739 sqm site. The building is occupied by 17 tenants and produces net passing income of approximately $134,512 per annum plus GST.
31A & 31 Murray Street, Hobart
Two CBD retail properties leased to Millionaires Club through to November 2026 and Tranquility Thai Foot Spa through to April 2029.
48 Middle Tea Tree Road, Richmond
The Richmond Cabin & Caravan Park freehold business sold, comprising a substantial tourism accommodation holding on approximately 3.65 hectares with improvements totalling around 618 sqm.
3/66 Droughty Point Road, Rokeby
A modern commercial office property sold as a leased investment to an interstate investor. The 160 sqm property includes a self-contained office and is zoned Light Industrial.
18 Hull Street, Glenorchy
A large-scale industrial warehouse investment comprising approximately 1,900 sqm of building area on a 3,055 sqm site sold to an interstate investor. The property is fully leased to CP Group and King Trailers and generates net annual income of approximately $250,039 plus GST.
36–38 Wellington Street, North Hobart
A substantial warehouse property sold with vacant possession, comprising approximately 273 sqm of building area on a 799 sqm site. The asset includes a high-clearance warehouse, adjoining office facilities and a separate residential dwelling within the Inner Residential zone.
2/9 Abernant Way, Cambridge
A high-profile industrial warehouse sold with vacant possession. The property comprises approximately 609 sqm of building area on a 609 sqm site and is located within the Light Industrial precinct.
1/223 & 223A Collins Street, Hobart
A mixed-use office and residential property comprising a ground floor office suite of approximately 79 sqm with a lease expiring April 2026 and a vacant studio apartment on the upper level. The property occupies a 223 sqm site and is zoned Urban Mixed Use.
284a–284d Argyle Street, North Hobart
A large former brewery building sold with vacant possession on a walk-in walk-out basis. The property comprises approximately 728 sqm of improvements on a 1,138 sqm site.
52 Bathurst Street, Hobart
A prominent two-level retail and showroom property with additional lower ground storage sold as a leased investment to Fragments Restoration Shop. The property provides approximately 814 sqm of building area on a 422 sqm site.
97 Charles Street, Moonah
A light industrial warehouse sold for approximately $1.2 million as a leased investment. The property comprises approximately 330 sqm of building area on a 503 sqm site and is leased through to April 2028 generating net income of approximately $60,000 per annum plus outgoings and GST.
1 Electra Place, Mornington
An industrial warehouse property sold with vacant possession, comprising approximately 177 sqm of building area on a 1,144 sqm site. The asset includes office accommodation and a large hardstand/display yard within the Light Industrial zone.
3/121 Mornington Road, Mornington
An industrial warehouse investment leased through to April 2027 with an option to extend through to 2030. The property generates approximately $69,134 per annum plus outgoings and GST.
20–22 Francis Street, Battery Point
A prominent corner retail investment generating approximately $111,045 per annum with a WALE of approximately 4.2 years. The 389 sqm property is leased to two established tenants and benefits from high exposure within the Urban Mixed-Use zone.
120 Glebe Road, New Norfolk
A substantial retail property sold with vacant possession for approximately $1.7 million. The 0.99 hectare site includes a thriving garden centre with café and commercial kitchen facilities.
1 & 3 Lockheed Place, Cambridge
A development land parcel sold to a local owner-occupier. The 3,070 sqm site is level and vacant, offering future development potential within the Particular Purpose zoning.
41 Burnett Street, North Hobart
A mixed-use retail property comprising approximately 453 sqm of building area on a 667 sqm site. The asset is leased to two tenants, Ifantasy Learning Centre and the International Academy of Music.
60 Derwent Park Road, Derwent Park
A versatile commercial freehold property sold with vacant possession, comprising a 564 sqm site with approximately 135 sqm of improvements and Commercial zoning.
North
75–77 High Street, Campbell Town
A historic retail property formerly used as Campbell Town’s town hall sold with vacant possession on a 725 sqm site.
293–295 Wellington Street, South Launceston
A mixed residential and commercial investment comprising three ground-floor commercial tenancies, a one-bedroom residential flat on the ground floor and two two-bedroom apartments above.
46–48 Invermay Road, Invermay
A well-positioned retail property offering strong exposure along Invermay Road sold with vacant possession. The property comprises approximately 290 sqm of building area on a 368 sqm site.
3 Waterfront Drive, Riverside
A modern office building leased to NOSSA Tasmania at approximately $90,000 per annum plus GST. The building comprises approximately 393 sqm on a 1,278 sqm site and was fully refurbished in 2019 as an NDIS facility.
6 Gatty Street, Western Junction
A new retail building leased to Regent RV trading as Snowy River Caravans. The property sits on a 0.51 hectare site and generates approximately $88,139 per annum net rent.
165–169 Elphin Road, Newstead
A significant retail investment sold to a local investor with net passing income of approximately $486,188 per annum plus GST. The building is leased to three major tenants with an additional lease to the Launceston City Council for public toilets and has undergone substantial refurbishment and expansion in recent years.
86 Invermay Road, Invermay
A retail investment leased to Vulcan Steel (Australia) Pty Ltd generating net income of approximately $158,705 per annum.
401 West Tamar Valley Road, Riverside
A mixed-use retail investment sold for $720,000 comprising two commercial tenancies and a residential tenancy on the first floor.
5/3 Trotters Lane, Prospect
An industrial warehouse investment leased to Tabcorp on a 5 + 5 year lease commencing May 2023, generating net rental of approximately $22,742 per annum from May 2026.
3/123–125 St John Street, Launceston
A retail strata investment comprising three individual tenancies fully leased and producing an approximate return of 8.5%.
3/162–166 Charles Street, Launceston
A CBD retail strata property leased on a new 3 + 3 year lease commencing January 2025 within the Urban Mixed Use zone.
84 Meander Valley Road, Hagley
A dual-title petrol station investment with two leases in place to Serve AG and United Petroleum. The property comprises a 403 sqm building on a 2,818 sqm site and includes a residential holding component.
4/53 Charbooday Drive, Youngtown
A concrete tilt panel clear-span warehouse sold with vacant possession. The property comprises approximately 207 sqm of building area within the General Industrial zone.
7 Goodman Court, Invermay
A warehouse investment fully leased to Steel-Line Garage Doors generating net rental of approximately $100,785 per annum excluding GST. The property comprises approximately 520 sqm of improvements on a land-rich 2,459 sqm site.
6 Nairana Street, Invermay
An industrial warehouse property sold with vacant possession. The asset comprises approximately 350 sqm of building area on a 1,271 sqm site and features a drive-through clear-span warehouse and a secure bitumen yard of approximately 650 sqm.
25–31 Tasman Highway, Waverley
A large-scale distribution facility occupied by Australian Liquor Marketers producing net income of approximately $401,566 per annum excluding GST. The property comprises approximately 5,631 sqm of improvements on a 1.88 hectare site.
57A Main Road, Perth
A retail investment leased to an established bakery on a 3 + 3 year lease from August 2024 generating net income of approximately $25,504 per annum. The property occupies a prominent main street position in Perth.
5/14 Broadland Drive, Launceston
A light industrial warehouse investment comprising approximately 650 sqm of building area, including a 120 sqm office component, on a 1,140 sqm site.
15–17 Alanvale Road, Newnham
A large-scale accommodation complex leased to Hillwood Berries on a secure 10-year lease returning approximately $645,000 per annum plus GST. The property sits on approximately 4.68 hectares and includes 29 self-contained flats and an additional 53 rooms with communal facilities.
502 & 515, 3–11 Earl Street, Launceston
A hotel strata investment within a four-star Best Western Plus hotel sold on a 10 + 10 year fully net lease structure delivering a return of over 6%. The unit forms part of a refurbished brick hotel complex.
63–65 Paringa Avenue, Newnham
A well-appointed office building previously leased to Dementia Australia sold with vacant possession. The property comprises approximately 410 sqm of building area and includes multiple kitchens, accessible bathrooms and six secure on-site car parks.
87–91 Brisbane Street, Launceston
A large multi-tenanted retail investment comprising approximately 1,392 sqm of building area across separate strata titles. Tenants include Petrarch’s, Women’s Legal Service and Comcare.
50a Frankland Street, Launceston
A medical consulting premises sold with vacant possession within Launceston’s health precinct. The property comprises approximately 142 sqm of floor area suitable for consulting rooms or office configuration and includes on-site parking.
22–24 Robertson Street, Invermay
A substantial commercial building sold with vacant possession. The property comprises approximately 1,202 sqm of building area and was previously occupied by ARB Launceston.
291 Gravelly Beach Road, Gravelly Beach
A mixed-use retail and residential investment generating approximately $70,970 per annum. The property includes a café leased on a five-year term with options, along with three residential tenancies.
49–55 Frederick Street, Launceston
A CBD fringe office property suitable for consulting, allied health or professional office use. The property comprises approximately 756 sqm of building area on a 2,061 sqm site.
Northwest
112 William Street, Devonport
A strategic retail investment leased to Hungry Jack’s on a new 10-year ground lease through to 2034 with a further option to 2039. The property generates net income of approximately $121,003 per annum and sold at auction for $3.58 million.
57 Main Street, Sheffield
A retail investment leased to Turnbull’s Pharmacy, the only pharmacy tenant in Sheffield. The property comprises approximately 517 sqm and includes a self-contained upstairs residential unit within the General Business zone.
34 William Street, Devonport
A Caltex Service Centre investment leased to Roo Petroleum on a brand-new 10-year triple net lease through to 2035 with options to 2045. The property produces net income of approximately $199,463 per annum and sold via auction.
11 Matthews Way, Devonport
A modern metal-clad portal frame warehouse leased to O’Brien Glass on a 5 + 2 + 2 year lease from October 2025. The property sold to an interstate investor.
29–35 Wilson Street, Burnie
A prime multi-tenancy freehold commercial building comprising office and retail tenancies sold as a fully leased investment. The property provides approximately 1,171 sqm of building area on a 902 sqm site and generates estimated fully let income of approximately $181,304 per annum.
1/138 Gilbert Street, Latrobe
A main street freehold building of approximately 116 sqm, leased to CBA for approximately 23 years, with the current lease running until 31 August 2026, with a further 3 x 1-year options. Net income of approximately $21,219.65, indicating an initial yield of circa 6.00%.
*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.