Hobart CBD block sells for $30m+ in landmark UTas deal
No.103 Melville St and No.159–163 Harrington St in Hobart. Picture: Supplied
A landmark city block in the heart of Hobart’s CBD has been sold for a price exceeding the quoted range, marking one of Tasmania’s largest commercial transactions of 2025.
The sale is bound by a confidentiality agreement. However, the purchaser noted: “The site represents a once-in-a-generation opportunity that was simply too compelling to pass up.
“This landmark acquisition gives us the privilege and responsibility to contribute meaningfully to Hobart’s future.
“We’re genuinely excited to work hand-in-hand with the community to consider and create a development that not only transforms this pivotal CBD location, but delivers lasting benefits for all Tasmanians.”
The Mercury understands that the property was sold in excess of $30m.
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No.103 Melville St and No.159–163 Harrington St in Hobart.
No.103 Melville St and No.159–163 Harrington St in Hobart.
The property was sold on behalf of the University of Tasmania and was jointly marketed by Matthew Wright and George Wilkinson of Burgess Rawson from CBRE, alongside Claude Alcorso and Matthew Wallace of RWC Tasmania.
The international campaign attracted over 117 inquiries from a diverse range of highly qualified groups, ultimately resulting in six offers submitted to purchase, catering for over $120m in unallocated capital within the Tasmanian marketplace.
Mr Wright said there was strong engagement from domestic and international investors, driven by Tasmania’s attractive yield profile and constrained supply.
“The sale underscores Hobart’s emergence as a key destination for institutional and private capital,” he said.
No.103 Melville St and No.159–163 Harrington St in Hobart.
No.103 Melville St and No.159–163 Harrington St in Hobart.
Mr Alcorso said that opportunities to purchase a property of this scale and in such a strategic location rarely present themselves, not just in Tasmania, but nationally.
“We were pleased with the buyer interest, as the property reflects the significance of the asset and the strength of the Hobart commercial market,” he said.
Mr Wilkinson said that the sale represented far more than a commercial transaction, describing it as an opportunity to redefine a strategic precinct within Hobart’s CBD.
Mr Wallace, RWC Tasmania managing partner, said he was incredibly proud of both teams for the professionalism and standard set during this landmark campaign.
“To deliver what was promised is a credit to the two teams involved and the trust the client placed in our companies.”
Over the sale campaign, the high profile site’s future was hotly debated in Hobart, including Greens MLC Cassy O’Connor and Yes In My Backyard calling for it to be sold to a housing developer.
UTAS purchased the 1.18ha city site in 2019 for $30, and at the time intended to use it for student accommodation.
