Heritage Hobart building with restaurant, apartments for sale
No.93 Elizabeth St, Hobart. Picture: Supplied
A three-level Hobart city building has hit the market, offering a versatile investment opportunity.
The historic sandstone property at No.93 Elizabeth St, Hobart has basement storage, a lease with a ground-floor restaurant, and, above, there are four high-quality boutique apartments.
The short-term accommodation apartments have excellent occupancy history and run successfully under full management, said Elders Commercial’s John Blacklow.
“It has attracted a lot of inquiry,” he said.
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No.93 Elizabeth St, Hobart.
No.93 Elizabeth St, Hobart.
Mr Blacklow said there are “definitely” advantages for an investor who owns a mixed retail and residential property.
“The four apartments were built with strata title specifications, so this provides an underlying real estate value,” he said.
“They are plush, secure, quiet — double-glazed — and they have lift access. This flexibility means an owner can strata each one, sell them off individually in the future, live in one and rent the other three, or continue to have them professionally managed, which is the case now.
“It is a completely passive investment.
“And being right in the CBD, the apartments carry a year-round high occupancy.
“While currently they are all short-stay rentals, the zoning enables conversion to long-stay tenancies if required.”
No.93 Elizabeth St, Hobart.
No.93 Elizabeth St, Hobart.
Access to the residential apartments is from ground level, where a lift services the upper level of the property.
A shared access way with the neighbouring building to the north of the property provides shared stair access to the upper levels.
Each apartment has two bedrooms, two bathrooms, and includes an open-plan kitchen, and lounge room area.
They feature exposed decorative historic brick walls, polished timber floorboards, ducted airconditioned heating, marble kitchen benchtops, and marble-tiled bathrooms.
No.93 Elizabeth St, Hobart.
No.93 Elizabeth St, Hobart.
The apartments located to the rear of the property have outdoor balconies which benefit from easterly city views.
The building’s area is 492sq m, and its annual income is about $266,000.
The prime location in a commercial hub ensures high foot traffic.
No.93 is also close to a number of major city carparks.
The building is listed on the Tasmanian Heritage Register.
No.93 Elizabeth St, Hobart is listed for sale with Elders Commercial’s John Blacklow and Scott Newton.
It will be sold by expressions of interest, closing September 11 at 4pm.
