Industrial property in Hobart’s sought-after Moonah precinct sold for $9.7m - Knight Frank

Contact

Apr 15, 2024

Industrial property in Hobart’s sought-after Moonah precinct sold for $9.7m - Knight Frank

An industrial property Moonah Hobart sold by Knight Frank agents Matthew Wallace and Tom Balcombe.

8 Birdwood Avenue Moonah Hobart sold by Knight Frank Tasmania

An industrial property in Hobart’s preferred industrial precinct of Moonah has sold for $9.7 million following a strong sales campaign.

The property at 8 Birdwood Avenue consists of a significant land holding of 10,092sq m occupied by two buildings totalling 4,600sq m of lettable area.

A two-storey, high quality standalone office building on the site totalling 889sq m is tenanted by environmental and civil construction company Spectran Group, while a separate, newly built 3,709sqm warehouse/office building is occupied by not-for-profit Oakdale Enterprises, who are part of the Possibility Group.

The industrial property has an estimated net rent of $683,025 per year excluding GST, with a WALE of 8.2 years by income.

It was purchased by a mainland private syndicate from Spectran Group in a deal negotiated by Knight Frank agents Matthew Wallace and Tom Balcombe.

Mr Balcombe said the asset was sought after during the sales campaign, largely due to its location, five kilometres north of the Hobart CBD in Moonah.

“It was a significant land holding in Hobart’s preferred industrial precinct,” he said.

“Not only is it close to the centre of Hobart, but it has easy access to the Brooker Highway and the Midlands transport route.”

Mr Wallace said the marketing campaign for the property had been extremely successful, attracting 28 genuine enquiries during the four-week period.

“Several Expressions of Interest were received and the property was very happily snapped up by the successful syndicate group,” he said.

“Interest in the property was far reaching, with strong interest from many mainland groups, which just goes to show that there is significant appetite from the mainland for investment in Tasmania, with our assets competing well at a national level.

“The industrial market remains very buoyant in Tasmania, especially for quality assets like 8 Birdwood Avenue.”