 Asset Class: | Show Room |
 Price: | $ 3150000 |
 Net Yield: | 7.00 % |
Net Yield - including solar strategy: | % |
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This prime commercial property at 44 Rooke Street, Devonport, offers an attractive freehold investment in the heart of Devonport’s bustling Rooke Street Mall. Leased to Best & Less Pty Ltd the recent tenant-funded refurbishment, valued at circa $436,000, reflects the tenant’s commitment to the location - positioning the asset as a stable, long-term investment. This premium retail opportunity has strong potential for capital growth, in line with the record infrastructure spend and investment happening in Devonport.<br><br>Occupying approx. 1,075m2 of land with a gross building area of approx. 1,286m2, the property comprises a large two-level retail space. The open-plan showroom is modernized, with extensive glazing along the Rooke Street Mall, along with upper-floor offices, storage, and staff amenities. It features a newly installed goods hoist, extensive rear loading access, and dedicated parking in an adjoining council-owned car park, supporting high operational efficiency and future retail needs.<br><br>Generating a net income of $220,553 per annum (from May 2025) after deducting all outgoings, the property offers a stable return with a seven-year gross lease, the term starting in May 2024. This yields a robust income stream backed by a long-standing tenant within a sought-after retail location, bolstering asset performance.<br><br>The blue-chip tenant, Best & Less Pty Ltd, is a nationally recognized retailer with a 200-store footprint across Australia. The 7-year term comes with an additional 5-year option, to extend through 2036. The tenant’s recent investment into the store, along with its established brand presence, underscores the property’s reliability as a steady income asset.<br><br>Positioned within Devonport’s Rooke Street Mall, this property benefits from excellent foot traffic and proximity to key retail and service outlets, including national chains and popular local businesses. Devonport, the largest city on Tasmania’s northwest coast, serves as a major port and tourism hub, attracting substantial foot traffic from visitors and the local population. The area’s ongoing urban renewal projects and high demand for commercial spaces underscore the property’s potential for sustained growth and tenant attraction.<br>
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Tasmania has experienced strong Location Profile Investment Summary civic building, the Paranaple Centre, capital growth in both residential and commercial property markets since the pandemic, and has been the beneficiary of good domestic and international migration. The commercial investment market has continued to remain strong throughout 2023/2024, with many investors seeing regional areas in a positive light. <br><br>Devonport is an important regional centre, serving a large catchment area of approx. 70,000* people (within a 35 km radius), and acting as an important retail, services and business hub serving north-western Tasmania. <br><br>Devonport is home to Tasmania’s busiest port and serves as the inbound and outbound point for majority of freight and tourism from Mainland Australia. <br><br>The recent Devonport Living City Urban Renewal Project has made the region a more attractive location to work and live. Stage 1 has delivered an award-winning new multi-purpose which is home to a state-of-the-art library, integrated customer service centre including Service Tasmania, a café, Devonport Online, Council offices and a spectacular 800-seat convention centre. The centre also includes a multi-level car park and a food pavilion and events pavilion. <br>A privately funded development was undertaken by Devonport-based Fairbrother Pty Ltd under a freehold arrangement with international hotel developer Fragrance Group Limited, and consists of 200 rooms in various configurations offering 4.5-star accommodation. The hotel was completed and opened in November 2022. <br><br>Devonport continues to thrive, with a strong population increase of 7.0%* in the last 5 years and a number of supporting capital infrastructure programs are planned, including the $25m* indoor sports stadium development and planning for the next stage of the Living City project.<br>
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44 Rooke Street, Devonport – 1,286m2 - $173/m2 Devonport 7310 439 Net $66,000 $150 Devonport 7310 739 Net $177,360 $235 Devonport 7310 1050 Net $246,750 $235 Devonport 7310 1566 Net $341,000 $218 Devonport 7310 795 Net $205,000 $258 Devonport 7310 588 Net $85,000 $145 Devonport 7310 314 Net $63,000 $201
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- Net Income: approx. $220,553 – net yield of 7.00% (after all outgoings). <br><br>- Irreplaceable 1,075m2 (approx.) freehold landholding in key retail precinct within the Devonport CBD and metres from the $57 million ‘living city’ waterfront precinct.<br><br>- Prime CBD freehold investment strategically positioned within the epicentre of the Rooke Street Mall in the CBD of Devonport, which is one of the dominant retail strips of North West Tasmania.<br><br>- Approx $436,000 spent on internal store upgrades in 2024, highly likely cementing the tenant as a long term prospect. <br><br>- Optimal timing with renewed 7 year lease term plus an additional 5 year option through to 2036 with attractive annual CPI reviews (5.0% cap).<br><br>- Longstanding tenant with Best & Less on-site since 1994 being 30+ years.<br><br>- Best & Less Group: est. 1965, leading value apparel and soft goods retailer with a network of 245* locations across Australia (Best & Less) & New Zealand (Postie) and wholly owned by private equity giant BBRC. <br><br>- Devonport - Largest North-West Coast city, Tasmania’s major and busiest shipping port and tourism link to Mainland Australia. 70,0001 people within a 35 km radius (approx.) <br>
