Sold: Moonah asset attracts investors, secured by local
Sold: No.86 Charles St, Moonah. Picture: Supplied
A local investor has secured this Moonah property amid hot competition.
No.86 Charles St has sold for $1.35m to a passive investor, securing a net yield of 6.27 per cent on a cash unconditional basis.
Over the course of the campaign, the listing generated over 130 inquiries, resulting in three formal offers.
Ray White Commercial Tasmania’s Heather Mason and Trevor Fox managed the campaign.
They said the purchaser recognised the property’s strong holding income and the opportunity for future capital growth in the increasingly popular Moonah precinct.
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No.86 Charles St, Moonah.
Mr Fox said the successful buyer recognised the immediate rental return and the long-term upside of owning in such a tightly held industrial and commercial pocket of Hobart.
Ms Mason said the property attracted “early attention’ when it hit the market in late 2024.
“It quickly became evident that market sentiment had shifted. Investor demand had become more yield-driven, with expectations aligning around net returns closer to 7 per cent,” she said.
No.86 Charles St, Moonah.
Recognising the change in market dynamics, RWC Tasmania undertook a reassessment of the property’s positioning in collaboration with the vendor.
“This led to the launch of a refined and more aggressive second-stage campaign designed to appeal to a broader buyer pool while acknowledging the evolving investment landscape,” Ms Mason said.
No.86 Charles St, Moonah.
Situated on a 680sq m site with a building area of 587sq m, the property consists of a well-balanced mix of commercial office space and functional warehouse facilities.
Its prime location in a thriving mixed-use precinct, just off the main retail corridor, ensures ongoing demand and long-term growth potential.
The property is currently tenanted on a three plus three year lease, generating a passing income of $84,654 per annum, with the tenant responsible for all outgoings; a key driver of the asset’s appeal to passive investors in today’s market.
The seller, who built the property in 2010 and has owned neighbouring sites for many years, leaves behind a legacy asset that has proven its value both as an investment and a strategic holding in the growing Moonah area.
