Tasmania Police HQ building in CBD for sale

No.47 Liverpool St, Hobart is for sale with Elders Commercial. Picture: Supplied

The Hobart city building that is the home of the Tasmania Police headquarters has hit the market today.

No.47 Liverpool St is a 10-level building in a prime corner position opposite the Royal Hobart Hospital and only 100m from the Elizabeth Mall.

For sale with Elders Commercial’s Scott Newton and Richard Steedman, the agents describe the property as an “exceptional landmark building in the heart of Hobart”.

Mr Steedman said its listing was a rare opportunity to purchase in the open market such a substantial commercial building.

“Hobart’s commercial property market has been very tightly held over the past decade with limited opportunity for purchasers to buy such a key asset on the open market,” he said.

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No.47 Liverpool St, Hobart.

No.47 Liverpool St, Hobart.

The multimillion-dollar building has been leased for many years by Tasmania Police, and is being sold subject to a lease with an expiry of June 2026.

It provides redevelopment and re-positioning opportunities for its next owner.

Mr Newton said the property is strategically located near the city’s central retail block, within Hobart’s health precinct, as well as the growing education precinct.

“The “Central Business” zoning provides a good degree of flexibility and, given the property’s strong position in the CBD, the location appeals to a variety of uses, such as medical, offices, residential, visitor and student accommodation (STCA),” he said.

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Other properties in the immediate vicinity include the Wellington Clinics; Wellington Arcade, which is anchored by a Woolworths Supermarket; Hobart Police Station; the Menzies Research Centre; Vibe Hotel; two large multi-level public carparks; various office buildings; ANZ, NAB and Westpac Banks and strip retail shops, restaurants and cafes.

No.47 Liverpool St, Hobart.

Richard Steedman, Elders Tasmania.

It is also situated within Australia’s strongest capital city office market.

Mr Steedman said the latest Property Council of Australia Office Market report showed that Hobart had the lowest capital city office market vacancy rate at 3.6 per cent for the fifth year in a row, while the national average was 14.7 per cent.

“Hobart has a very strong and stable office market, as historically new supply has been demand-driven, with new office accommodation primarily resulting from precommitment by major tenants,” he said.

“There is virtually no speculative development and no new supply currently under construction.

“The low vacancy rate is very attractive to investors as it has resulted in good rental growth for property owners in recent years.

“What is also highly attractive to investors is the ability to purchase commercial properties at a considerable discount to replacement cost.”

No.47 Liverpool St, Hobart is for sale by expression of interest, closing on September 25.