Significant city industrial site with future development potential
No.33-35 Federal St, North Hobart. Picture: Supplied
WITH its international tenant, huge site and enviable proximity to the city, this North Hobart property is bound to be hugely popular.
Listed with Knight Frank’s Scott Newton and Tom Balcombe, No.33-35 Federal St has a lot going for it with the next owner able to assess options like its “significant value add opportunity” via future rental uplift, possible lease extension or redevelopment of the 2280sq m site.
Mr Balcombe said he expects the property will be “highly sought after”.
“The location is key, it is very rare to find industrial sites so close to the Hobart CBD,” he said.
“From a site like this, servicing customers is convenient.
“It is also a big property that backs onto inner residential. And there is residential on the opposite side of the street, too.
No.33-35 Federal St, North Hobart.
No.33-35 Federal St, North Hobart.
“In the future, a purchaser could potentially seek to have the property rezoned and redevelop this large footprint into residential apartments.
“The property is the home of a global tenant, Rexel Electrical Supplies, who have been located here since 1980s.
“Rexel has a lease until November 2024.”
No.33-35 Federal St occupies a commanding position with 30m of street frontage.
Entering through the front of the property, customers are greeted with a substantial showroom and office space.
There is extensive warehousing and storage at the rear.
No.33-35 Federal St, North Hobart.
No.33-35 Federal St, North Hobart.
Additional offices and mezzanine storage are located on the first level overlooking Federal St.
The building area occupies 35 per cent of the site, providing ample room for value-adding expansion.
The site is situated within a tightly held, high-profile light industrial hub, directly between Argyle St and the Brooker Hwy.
It has proximity to North Hobart’s retail and restaurant strip.
There are 22 off-street car spaces at the front and rear.
No.33-35 Federal St, North Hobart will be sold by expressions of interest closing December 8 at 4pm.
