Tasmanian Business Reporter February 2018

PROPERTY MATTERS
Tasmanian Business Reporter - FEBRUARY 2018 16
Confidence in retail continues
Scott Newton
Property Matters with
Knight Frank
In this month’s editorial, Matthew Wright,
our retail sales and leasing specialist,
gives an update on the retail sector of
Hobart’s property market.
THE Knight Frank team is
delighted to be back in 2018
with more news and updates
on the Tasmanian real estate
market.
The 2016/17 financial year
proved to be another strong
year for the retail sector in
Tasmania.
Since mid 2013, retail turnover
has shown consistent
levels of growth.
The Australian Bureau of
Statistics (November 2017)
reported that retail sales figures
were strong and reflected
a 1.8% increase in the last
12 months.
The Commonwealth Bank
State of the States October
2017 article outlines Tasmania’s
retail spending increased
9.9 per cent on the
decade average spend, which
put Tasmania up two spots to
fourth in Australia.
The Hobart market has
seen further change throughout
the 2017 year with a number
of exciting new national
retailers joining the CBD.
New retailers that opened
in the Hobart CBD in 2017
are: Platypus Shoes, Jack
London and Bailey Nelson.
Hobart’s growing reputation
as one of the world’s best
produce and restaurant destinations
has been further enhanced
with restaurants such
as Landscape Bar and Grill,
Aloft, Templo, Susie Luk,
Kositan Japanese, Dier Makr,
The Agrarian Kitchen, Fico,
and Etties.
Last year saw the opening
of Mac 1 hotel, Australia’s
first story telling hotel which
also features some leading
hospitality and retail offerings
including, Old Wharf
Restaurant, The Story Bar
and the Lounge (Frogmore
Creek’s restaurant).
More exciting retail offerings are coming this year.
There are more exciting retail
offerings set to open into
2018.
The long-awaited and anticipated
opening of the
completion of the Myer Icon
Complex is due to take place
in April 2018.
Leading international and
national retailers Mecca Cosmetics,
Scotch & Soda, and
Country Road are all set to
open, plus some leading local
retailers and food operators.
This is a very exciting development
for greater Hobart.
The past 12 months have
seen another large volume of
freehold retail sales transact.
This is on the back of historically
low interest rates,
improved confidence in the
overall Tasmanian economy,
and a larger pool of buyers
driven by interstate and international
purchasers.
This has led to recent
sales showing strengthening
yields, particularly for those
in the inner CBD and other
strong retailing locations, and
having long lease tenure to
strong tenants.
Yields for strip retail premises
in the southern region are
typically in the range of six to
eight per cent with the lowest
yield occurring in the CBD at
five per cent.
Strip retail locations to
have transacted over the past
12 months include 109-113
Liverpool Street, Hobart,
known as Mathers Lane; 93
Elizabeth Street, Hobart; 87
Harrington Street, Hobart; 35
Murray Street, Hobart; 15-19
Elizabeth Street, Hobart, 180-
184 Elizabeth Street, Hobart,
139 Liverpool Street, Hobart,
and 52 Melville Street, Hobart.
PROPERTY VIEW
FEBRUARY 2018
SOLD
For sale or lease by Expression of Interest
HIGH EXPOSURE, POPULAR LOCATION
28 McIntyre Street, Mornington
• Land area: 1,770sqm (approx).
• Clearspan warehouse of 270sqm (approx) with
showroom/offices of 100sqm (approx).
• Amenities and mezzanine floor.
• Three-phase power, data network, alarm system,
pallet racking, customer and staff parking.
• Heavy load rated hardstand of 1,000sqm (approx).
• Opposite new Bunnings Warehouse next
to South Arm Highway. Excellent signage
opportunities to promote your business.
• 10 minutes to Hobart CBD, 15 minutes to
Hobart International Airport.
Ian Reed 0419 670 501
Scott Newton 0409 186 261
View at KnightFrank.com.au/4028733
Sold
LANDMARK CBD OPPORTUNITY
169 Liverpool Street, Hobart
• Landmark 7 level commercial building; NLA
2,886sqm (approx).
• High profile corner position within the CBD,
100m (approx) from the central retail block.
• Fully leased to IOOF, an ASX-listed top 100
company, until 30 June 2019.
• Estimated Net Passing Income of $762,462 pa
+ GST.
• Each level is strata titled with total strata area
of 3,726sqm (approx), plus additional freehold
parcel of 186sqm (approx) used for car parking
for approximately 13 cars.
Richard Steedman 0408 559 046
Scott Newton 0409 186 261
View at KnightFrank.com.au/3909265
LEASED
For sale by Expression of Interest
CBD DEVELOPMENT OPPORTUNITY
153 Macquarie Street, Hobart
• Prominent corner site in a core CBD location,
superb exposure to Macquarie Street, one of
Hobart’s main arterial roads.
• Multi-tenanted building with good holding
income, flexibility with existing tenants’ terms.
• A good investment opportunity with
development upside (STCA).
• c1910 brick building with attractive facade.
• Land area: 191sqm (approx).
• Building area: 508sqm (approx).
Matthew Wright 0458 290 588
Scott Newton 0409 186 261
View at KnightFrank.com.au/4034976
Leased
STANDOUT MACQUARIE ST POSITION
179 Macquarie Street, Hobart
• Modern retail/bulky goods retail site.
• Includes basement/storage of 643sqm*, ground
floor showroom of 1,301sqm*, and first floor
showroom of 675sqm*.
• Exposure to over 30,000 cars on an average day.
• Over 15 on-site car parks for customers plus
plenty of parking on Macquarie Street.
• Situated in a core position surrounded by a
number of leading hotels and local businesses.
• A ‘must consider’ for large format retail and
showroom in Hobart.
(*approx)
Matthew Wright 0458 290 588
View at KnightFrank.com.au/3948837
5 Victoria Street, Hobart 41 York Street, Launceston Shop 8, 48-54 Oldaker Street, Devonport
P: 03 6220 6999 P: 03 6333 7888 P: 03 6424 3568