 Asset Class: | Retail |
 Price: | $ 4200000 |
 Net Yield: | 6.93 % |
Net Yield - including solar strategy: | % |
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19 Paterson Street is a centrally located, multi-tenanted freehold investment in the heart of Launceston’s CBD, positioned between Paterson and Brisbane Streets. The site spans approximately 1,267 m² and offers approximately 1,647 m² of lettable area across primarily retail tenancies. With a current occupancy of approximately 86.5%, the asset delivers a strong income stream with scope to enhance returns through leasing of vacant spaces.<br><br>The asset comprises a mix of ground and upper-level tenancies. The building is positioned within a bustling commercial precinct, directly adjoining a multistorey council-owned car park. Internal improvements include quality office finishes, and the site benefits from dual street access, enhancing pedestrian connectivity and future development flexibility. Zoning under “Central Business” allows for a wide range of potential uses including retail, office, hospitality, and residential (STCA).<br><br>The property generates a current net income of approximately $291,037 per annum (excluding GST), delivering a net yield of 6.93%. The asset is underpinned by a well-established law firm, who constitute nearly half of the income. <br><br>Anchored by long-standing tenant Bishops Solicitors, occupying a significant 782 m² tenancy until 2033, the asset includes a diverse mix of 18 other smaller tenancies including food operators, retailers, and office users. Several leases include fixed or CPI-based annual reviews and options, contributing to a stable and growing income profile. Three shops are currently vacant, offering re-leasing upside and additional rent.<br><br>Situated in the Launceston CBD, the property benefits from high foot traffic between the Brisbane Street Mall and Paterson Street. The central location places it among key retail and commercial landmarks such as Myer, Quadrant Mall, and Princes Square. Proximity to government, legal, and tourism-related activity further enhances its appeal to both office and retail tenants.<br><br>
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Launceston, situated in northern Tasmania, Australia, lies at the confluence of the North and South Esk rivers, forming the Tamar River. As Tasmania's second-largest city, it serves as a pivotal hub for the region. <br><br>Established in 1806, Launceston is among Australia's oldest cities, renowned for its well-preserved historic architecture and vibrant cultural scene. The city boasts attractions like the Cataract Gorge and has been recognized as a UNESCO City of Gastronomy, reflecting its rich culinary heritage.<br><br>Economically, Launceston has a diverse foundation encompassing agriculture, education, tourism, and manufacturing. The surrounding Tamar Valley is celebrated for its cool-climate wines and artisanal produce, bolstering both the local economy and tourism sector. Educational institutions, including a campus of the University of Tasmania and the Australian Maritime College, contribute significantly to the city's economic landscape. Additionally, Launceston serves as a major retail and service center for northern Tasmania. <br><br>Recent developments underscore Launceston's growing appeal to investors. Plans for a new 190-room, five-star hotel aim to accommodate increasing tourist numbers, particularly as the city hosts more major events. This project reflects confidence in Launceston's expanding tourism industry and its capacity to attract significant events. Furthermore, the Launceston City Deal, a collaborative agreement between federal, state, and local governments, is investing over $500 million to enhance the city's infrastructure and livability, positioning it as one of Australia's most innovative regional centers. <br>Investing in Launceston offers opportunities to be part of a city that harmoniously blends historical charm with modern development. Its strategic location, coupled with a diversified economy and proactive initiatives to boost tourism and infrastructure, makes Launceston an attractive prospect for investors seeking growth in a dynamic regional setting.<br>
Additional Location Information FileBishops Barristers and Solicitors is a well-established law firm based in Launceston, Tasmania, with over 40 years of experience providing legal services to the local community. Originally founded as a sole practice in 1988, the firm has grown into one of the largest in the region, offering a wide range of legal services. <br><br>Practice Areas:<br><br>• Family and Relationship Law: Assistance with parenting disputes, property division, maintenance, restraint orders, and family violence issues. <br>• Wills & Estates: Services include preparing wills, powers of attorney, administering estates, and handling family provision claims. <br>• Conveyancing: Support for property purchases and sales, leases, and commercial conveyancing. <br>• Civil Law: Expertise in will and estate disputes, commercial and contractual disputes, planning appeals, personal injury claims, and property disputes. <br>• Commercial Law: Guidance on business transactions, corporate governance, compliance, leases, licenses, mergers, and acquisitions.<br>• Criminal Law: Representation for charges such as drink driving, assault, property damage, and assistance with restricted licence applications. <br>Notable Achievements:<br><br>Bishops has been recognized by Doyle's Legal Guide as one of the top family law firms in Tasmania. The firm prides itself on its unique and versatile staff, ensuring that clients receive personalized and professional guidance tailored to their specific legal needs.<br>
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19 Paterson Street, Launceston – 1647m2 - $177/m2 (Net) 115 Brisbane Street (mall) 208 Net $140,000 $673 135 Brisbane Street (mall) 281 Net $165,000 $587 138a Brisbane Street (mall) 158 Net $105,000 $665 80a-88 Charles Street 190 Net $87,250 $459 80a-88 Charles Street 115 Net $61,148 $532 124 Charles St 178 Gross $57,843 $325 124 Charles St (fronts York) 78 Net $20,075 $257 124 Charles St (fronts York) 54 Net $15,500 $287 68 St John Street 98 Net $35,000 $357 123 Charles Street 140 Net $45,000 $321 67 George Street 113 Net $25,000 221.2389 shop 2, 123-125 St John Street 86.4 Net $28,000 324 shop 1, 123-125 St John Street 28 Net $14,274 510 134 York Street 84 Net $26,780 318.8095 T1- 74-82 St John Street 19.5 Net $25,000 $1,282 T2- 74-82 St John Street 269 Net $85,000 $316 T3- 74-82 St John Street 207 Net $75,000 $436 T4- 74-82 St John Street 89 Net $30,000 $337 T5&5a- 74-82 St John Street 305 Net $61,400 $201 T7- 74-82 St John Street 133 Net $35,000 $263 134 York Street 84 Net $26,780 $319 68 St John Street 106 Net $49,482 $467 86 St John Street 205 Net $53,256 $260 103 St John Street 52 Net $17,500 $337 84 St John Street 208 Gross $57,684 $277
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• Central Launceston CBD location linking Paterson and Brisbane Streets<br>• Anchored by Bishops Solicitors on long lease to 2033<br>• Net income of approximately $291,037 p.a. delivers a healthy yield of 6.93%<br>• Fully leased income potential of $329,887 p.a, providing potential upside<br>• WALE of approximately 5 years (by income)<br>• Approximately 1,647 m² of lettable area on 1,267 m² of land<br>• Currently 86.5% occupied with scope for rental uplift<br>• Flexible Central Business zoning with future development potential (STCA)<br>• Adjoins council multistorey car park, enhancing accessibility<br>• High pedestrian exposure with dual street frontage<br>
