Historic Hobart waterfront buildings tipped to draw international interest

Two multi-level properties on the Hobart waterfront have hit the market and are expected to draw international interest and score multimillion-dollar sales.

Described as “trophy assets”, 2 Elizabeth St and 7-9 Franklin Wharf in Sullivans Cove combine to cover a full block with four street frontages.

The properties are available for sale with vacant possession in “one line” or individually.

No.2 Elizabeth Street and No.7-9 Franklin Wharf, Hobart.

Knight Frank commercial sales consultant George Burbury said the properties offered a wealth of opportunity.

“The last Hobart property to hit the market of a similar scale would be the Elizabeth St Pier,” he said.

Burbury said the buildings would appeal to owner-occupiers looking for the right space to develop a flagship headquarters, or as a hospitality or entertainment industry endeavour, which thrive in this waterfront precinct.

No.2 Elizabeth Street and No.7-9 Franklin Wharf, Hobart.

“The permit has now lapsed, but Hobart City Council has issued a development approval for 2 Elizabeth Street, the yellow building, for a ground-level restaurant with five boutique hotel rooms above,” he said.

“It certainly lends itself to that type of luxury residential or boutique hotel conversion.

“We have had extremely strong interest already. Developers, owner-occupiers, investors — it has broad appeal.”

Both properties were built in the 1800s and have been modernised in recent years.

No.2 Elizabeth Street and No.7-9 Franklin Wharf, Hobart.

In the past they have been the Marine Board’s HQ. Both are on the Tasmanian Heritage Register.

The internationally based owner of the buildings paid $12.5m for them a few years ago.

Knight Frank’s expressions of interest campaign will close on October 29.

This article from The Mercury originally appeared as “Worldwide inquiry expected for two waterfront buildings”.