Tilford to sell prime Hobart CBD car site

Another prime Hobart CBD site is set to hit the market to will allow the existing business to expand.

The freehold sale of the Tilford Auto Group site in Brisbane St is expected to generate significant interest, says Knight Frank partner Scott Newton.

“The Tilford site will be offered to market via expressions of interest, subject to a leaseback to the existing business,” he says.

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“The current Hobart property market is very strong and sites like Tilford’s become available only rarely.

“This opportunity will present an attractive yield to the successful purchaser when compared to other forms of investment alternatives.”

The 9000m2 Tilford Hobart site is up for sale.

Tilford Auto Group managing director Justin Rooke says the sale of the freehold title will enable a significant business expansion.

“We will be expanding our motor retailing businesses through natural growth and acquisitions as part of our long-term strategic plan,” he says.

Tilford has been trading from the 9000sqm site since 1966 and the site has been home to car dealerships since 1933.

It is the second significant commercial Hobart CBD site to be put on the market this year. Two blocks over from Tilford, the last Kemp and Denning store went on the market last month.

Expressions of interest for the 1.3ha site in Melville St end on Thursday.

This article from The Mercury originally appeared as “Tilford’s Hobart site set to hit the market”.