Moonah industrial property sold for multimillion-dollar sum
No.8 Birdwood Ave in Moonah has sold for $9.7m. Picture: Supplied
A MONTH-long campaign for this industrial property attracted multiple offers, interstate interest and a multimillion-dollar sale price.
No.8 Birdwood Ave was sold for $9.7m in a deal negotiated by Knight Frank agents Matthew Wallace and Tom Balcombe.
It was purchased by a mainland private syndicate from Spectran Group.
Mr Balcombe said the asset was sought after during the sales campaign, largely due to its location, 5km north of the Hobart CBD, in Moonah.
“It was a significant land holding in Hobart’s preferred industrial precinct,” he said.
“Not only is it close to the centre of Hobart, but it has easy access to the Brooker Hwy and the Midlands transport route.”
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No.8 Birdwood Ave in Moonah has sold for $9.7m.
No.8 Birdwood Ave, Moonah.
Mr Wallace said the marketing campaign for the property had been extremely successful, attracting 28 genuine inquiries during the four-week period.
“Several expressions of interest were received, and the property was very happily snapped up by the successful syndicate group,” he said.
“Interest in the property was far-reaching, with strong interest from many mainland groups, which just goes to show that there is significant appetite from the mainland for investment in Tasmania, with our assets competing well at a national level.
“The industrial market remains very buoyant in Tasmania, especially for quality assets like No.8 Birdwood Ave.”
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No.8 Birdwood Ave, Moonah.
No.8 Birdwood Ave, Moonah.
The property consists of a significant land holding of 10,092sq m occupied by two buildings totalling 4600sq m of lettable area.
A two-storey, high quality stand-alone office building on the site totalling 889sq m is tenanted by environmental and civil construction company Spectran Group, while a separate, newly built 3709sq m warehouse and office building is occupied by not-for-profit Oakdale Enterprises, who are part of the Possibility Group.
The industrial property has an estimated net rent of $683,025 per year excluding GST, with a WALE (weighted average lease expiry) of 8.2 years by income.
