Moonah retail hub with Good Guys, Burson Auto for sale
No.141-147 Main Rd, Moonah has hit the market. Picture: Supplied
A multimillion-dollar Hobart commercial property hit the market today, anchored by two ASX-listed retail giants and a long-established Hobart business.
Elders Commercial has listed No.141-147 Main Rd, Moonah, a property described as a “generational investment opportunity”.
It is the home of Giffards Floorworld, Burson Auto Parts, and The Good Guys, who are part of JB Hi-Fi Group.
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No.141-147 Main Rd, Moonah.
No.141-147 Main Rd, Moonah.
Elders Commercial sales director, George Burbury, said an asset like this will attract attention far and wide.
He said this would include interstate-based investors, syndicates and Tasmanian private investors.
“Rarely do we see large format retail publicly available for purchase in greater Hobart – especially with so much road frontage,” he said.
“It is a diversified investment, with three tenants, which is advantageous for a purchaser.”
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George Burbury from Elders Commercial.
Commercial sales agent James Black said the asset has rental growth potential, via upcoming market reviews.
“The current construction cost climate is prohibitive for new development meaning existing stock remains sought-after,” Mr Black said.
“There is a long list of tenants seeking showroom space in Hobart’s northern suburbs.
“This drives rental growth. It ensures vacancy rates in this sector remain low.”
No.141-147 Main Rd, Moonah.
No.141-147 Main Rd, Moonah.
No.141-147 is fully-leased, well-positioned property has a 5438sq m landholding and 80m of street frontage.
Most of the building is modern, tilt-panel construction built in 2012.
The property’s weighted average lease expiry is 3.5 years.
The location is a high-demand bulky goods precinct with limited competing stock.
No.141-147 Main Rd, Moonah.
James Black from Elders Tasmania.
The property’s estimated net income for the asset is just shy of $950,000 per annum plus GST.
In September, Elders Commercial sold a nearby Supercheap Auto, RSEA, Baby Bunting, Jackson Motor Company asset for $22m to a Tasmanian investor.
Mr Burbury said this Derwent Park asset was traded on a net passing yield of 6.15 per cent.
“We have seen some large format retail assets interstate trade for under 6 per cent,” he said.
No.141-147 Main Rd, Moonah will be sold by expressions of interest.
