Hobart industrial property headed to auction
AUCTION: No.229 Kennedy Dr, Cambridge. Picture: Supplied
A HOBART industrial property is expected to generate significant investor interest as it is taken to the market along with two other properties in a portfolio.
The purpose-built logistics depot at No.229 Kennedy Dr in Cambridge is being sold by GPT Group via a Portfolio Auction run by Knight Frank agents Tom Balcombe and Scott Newton.
The Cambridge property consists of a 1223sq m building on a 3956sq m site.
The other two properties in the portfolio are No.16 Anictomatis Rd, Berrimah in Darwin and No.2-8 Ridley Cl, Edmonton in Cairns
All three assets are leased to COPE Sensitive Freight, with the properties offering a long-term WALE of eight years, plus options.
No.229 Kennedy Dr, Cambridge.
No.229 Kennedy Dr, Cambridge.
No.229 Kennedy Dr, Cambridge.
Commercial sales and leasing representative Mr Balcombe said the Hobart property would be extremely sought after by investors due to the national covenant, eight-year WALE and its convenient location, being positioned in proximity to the Tasman Hwy, Hobart International Airport and Hobart CBD.
“Hobart’s industrial market has performed exceptionally well in recent years mainly due to strong and sustained demand and a lack of new stock becoming available, which we will continue to experience for the remainder of 2022 into 2023,” he said.
“With industrial land prices almost doubling throughout Covid and building rates the way they are, new development of this type of asset just isn’t feasible in today’s environment.”
No.229 Kennedy Dr, Cambridge.
No.229 Kennedy Dr, Cambridge.
Mr Balcombe said the site was very well presented, requiring low maintenance for buyers. With the site coverage about 30 per cent, he said the property lent itself to possible future expansion and development, subject to council approval.
“COPE Sensitive Freight is Australia’s largest independent specialist sensitive freight carrier, with depots in all capital cities and major centres,” he said.
“This is a quality sit-and-forget investment with attractive annual CPI increases collared at 3 per cent.”
The Portfolio Auction for the three properties will be held from 11am AEDT on Wednesday, November 2 at The Assembly in Sydney.
People will be able to bid from any Knight Frank Australia office in-person or online. Contact the agency for details.
