Major Hobart city site hits development market

What does the future hold for No.234-250 Elizabeth St, Hobart? Picture: Artist impression supplied

A sizeable inner-city development opportunity has come to market with a price tag in excess of $14m.

No.234-250 Elizabeth St, Hobart is described as one of the most strategically positioned sites in the city.

The 3720sq m landholding sits just outside the CBD and is surrounded by key infrastructure, education, and commercial precincts, offering a chance to deliver a significant mixed-use project at scale.

The property is being jointly marketed by Trevor Fox and Claude Alcorso of RWC Tasmania and Matthew Wright and David Minty of Burgess Rawson from CBRE.

The agents say the site is unique not only for its size and zoning flexibility but also for the fact that it is already approved for a Build to Sell and Hotel development scheme.

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No.234-250 Elizabeth St, Hobart.

No.234-250 Elizabeth St, Hobart.

Alternative schemes, immaculately designed within the approved building footprint include:

● A Build to Rent (BTR) option with 138 apartments, seven commercial tenancies and 102 carparks

● A Built to Rent (BTR) and Hotel — 68 apartments and 145 hotel rooms, seven commercial tenancies and 102 carparks

● A 264 hotel room option, with scope for more and six commercial tenancies and 100 carparks.

Mr Fox said Hobart simply don’t see this type of opportunity.

“It’s an inner-urban site of real substance, with flexible zoning and live approvals that allow a developer to move quickly and potentially turn dirt within 12 months,” he said.

“Whether it’s residential, hotel, retail or a blend, there’s a pathway forward.”

No.234-250 Elizabeth St, Hobart artist impression.

No.234-250 Elizabeth St, Hobart artist impression.

Mr Minty said developers are realising Hobart needs new solutions to housing.

“This site gives them the chance to lead with a model that’s already gaining support on the mainland,” he said.

“It lends itself equally well to BTR, hotel accommodation, or as per the current approved residential build-to-sell project.”

The conversation around BTR is increasingly prominent across Australia, with government incentives, international investment and shifting lifestyle priorities shaping a new residential landscape.

The property is currently improved by a heritage building generating holding income and includes onsite carparking.

Located on a key corridor between Hobart’s CBD and North Hobart, the site is surrounded by major university investments, civic institutions, and retail anchors.

No.234-250 Elizabeth St, Hobart artist impression.

No.234-250 Elizabeth St, Hobart artist impression.

Mr Alcorso said the strategic position here “can’t be overstated”.

“It’s flanked by high-value, future-focused development. With the right project, this site could become a vital connector between the city and emerging precincts like the University of Tasmania’s city campus,” he said.

The property is expected to attract interest from local, interstate, and offshore investors seeking a flagship development site in one of Tasmania’s most tightly-held corridors.

“With the housing conversation evolving, and national attention on Hobart’s growth trajectory, this opportunity feels incredibly timely,” Mr Wright said.

“There’s real potential here to set a benchmark for what modern city living could look like in Tasmania.”

No.234-250 Elizabeth St, Hobart artist impression.

No.234-250 Elizabeth St, Hobart.

Vanessa Rader, head of research at Ray White, said considering the housing crisis across the nation, the build-to-rent discussion is becoming more common.

“When owning a home is not necessarily the Australian dream anymore, it’s now about lifestyle rather than ownership,” she said.

“There has to be a place for BTR, especially to cater for our growing population”.

Expressions of interest will close on September 4.