Major Hobart retail site sells for $22m to locals
Sold: No.10 Derwent Park Rd, Derwent Park. Picture: Supplied
A commercial property in Hobart’s northern suburbs has been sold in an eight-figure deal.
No.10 Derwent Park Rd, Derwent Park was acquired by a private Tasmanian family.
Located in a showroom precinct — home to Supercheap Auto, RSEA, Baby Bunting, Jackson Motor Company — the $22m property sale was negotiated off-market by agents Scott Newton and George Burbury from Elders Commercial Tasmania.
$22m reflects an initial net yield of about 6.15 per cent.
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Supercheap Auto.
Elders Tasmania state real estate manager, Mr Newton, said the sale represents one of the state’s most significant retail showroom transactions in recent years.
He noted that confidence in Tasmania’s commercial property sector remains strong despite global uncertainty.
“A falling interest rate environment, coupled with limited new construction activity due to cost pressures, continues to drive investor demand for high-quality existing assets,” he said.
No.10 Derwent Park Rd is positioned in the heart of the suburb surrounded by major national retailers including Harvey Norman and benefits from a commanding 67m frontage.
With a total site area of 1.758ha zoned ‘Commercial’, a building footprint of 6453sq m, and extensive on-site carparking, the property stands as a landmark within greater Hobart’s large format retail landscape.
Natasha Hardy with her daughter, Macey East at the Baby Bunting Derwent Park opening in 2018. Picture: Matt Thompson
Notable recent Tassie sales include Launceston’s Tool Kit Depot building — owned by Bunnings Warehouse — fetched $8.1m at a July auction.
A Petbarn and Vinnies property in Devonport was sold for $2.84m.
And a multi-tenanted strip retail property in New Norfolk — with a corner site Subway — was sold with the price currently not public.
Earlier in the week, it was revealed that the Richmond Maze had been purchased by an international investor for an undisclosed sum.
