Prime Retail Asset Secured with Significant Upside Potential
Our team recently secured a high-profile, dual-tenanted retail property located on Hobart’s busiest commercial strip. This exceptional off-market acquisition highlights our ability to identify and secure assets with immediate value-add potential and long-term growth prospects.
Key Highlights
Key Highlights:
- Purchase Price: $7,100,000 (secured below comparable market expectations).
- Net Yield: 6.05%, increasing to 6.23% with recoverable property management fees.
- Asset Class: Retail/Showroom – dual-tenanted site with a substantial 3,878 sqm GLA.
- Tenants: Successful Furniture store: Occupying the main road frontage with a 10-year lease and 2x5 year options.
- Heating Retail Asset: Operating since 2018 with a 5-year lease and 1x5 year option.
- Location: Strategically positioned in the heart of Tasmania's thriving retail corridor
What Makes This Asset Stand Out:
- Under Market Rent: Current rents are significantly below market rates, presenting a substantial opportunity for uplift at the next review.
- Development Potential: Recently rezoned to allow residential apartments above the retail premises, unlocking future development opportunities.
- High Tenant Demand: Strong interest from national and local retailers ensures minimal vacancy risk and potential rent increases.
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