Rare chance to buy blue-chip Battery Point trophy asset
ON the rare occasion that a Battery Point commercial asset becomes available, investors will be ready to make their move.
Last week, when EIS Property launched a two-building property on Hampden Rd, the phone started ringing before the for sale sign had been hammered into the ground.
EIS managing director David Gunning said a property like this one will be “very, very sought after”.
“The phone started ringing straight away, the first two calls were when the sign was going up,” he said.
“It is so rare to be able to buy a commercial holding in the heart of Battery Point.
“For this one, it is the first time it has come to market in 60 years.
“You can hardly ever find a freehold opportunity in this suburb.”
Set over one generous title on the corner of Hampden Rd and Waterloo Crs, this iconic and unique property incorporates two buildings: a residential/commercial space at the front and a cafe/restaurant to the rear.
Mr Gunning said Battery Point commercial properties were even more tightly held than its coveted prestige residential property market.
This year has been relatively busy compared to some with the recent sale of No.1/63 Sandy Bay Rd, Battery Point and a parking space in the Salamanca Square Car Park.
“In some years, you’d be lucky to see one Battery Point property on the market,” Mr Gunning said.
“No.66 Hampden is the type of property that will grab the attention of buyers here in Hobart, interstate and internationally as well.
“The front house is zoned residential.
“Down the track, a buyer might want to move in to that one but still have the income stream with the restaurant.
“The property was originally bought and run as a GP practice for decades.
“Her family currently owners it but now the time is right to sell.”
Mr Gunning described Battery Point real estate as bulletproof.
He said it was fair to call it a can’t go wrong area that has outstanding capital growth potential.
“The market is probably not quite as aggressive as it was late last year but I believe the commercial market will remain strong,” he said.
Aptly described as a “trophy asset”, No.66 is positioned in Tasmania’s premiere historic maritime suburb.
Battery Point was developed quickly after the colonial authorities used convict labour to construct Hampden Rd and establish wharves on the southern side of the Sullivans Cove in the early 1830s.
Hampden Rd was named after a hero of the parliamentary cause in the English Civil War.
Constructed in 1846 of convict-made sandstone bricks, and permanently registered on the Tasmanian Heritage Register, the main building at No.66 was used as a residential premises until 1964, before becoming a medical practice.
This space is currently leased to Align Chiropractic.
The property’s cafe was renovated in 2019 and is the home of 3 Japanese.
Originally in 1973, the cafe was known as Mummy’s, and was one of only two cafes in the area — a pioneering business given the cafe culture in bustling Hobart today.
The property has two secure leases in place.
The chiropractor has a three-year lease that started in late 2020 with options into the future. The restaurant has a five-year lease from 2015 with multiple options. Contact EIS Property for further details.
No.66 Hampden Rd will be sold by expressions of interest over $2.4m. The campaign will close on June 24th.