Colliers and Knight Frank are delighted to present an exceptional freehold mixed retail and commercial investment located in the heart of Hobart’s city centre.
‘Murray House’ is a prominent building expanding almost 40 metres of prime CBD frontage with 2,333sqm of net lettable area over four levels. The mixed-use retail and office commercial building is situated on 956sqm of land at 73-81 Murray Street, Hobart.
The building is being offered for sale by Colliers’ Daniel Wolman and Leon Ma and Knight Frank Richard Steedman and George Burbury. It will be sold via International Expressions of Interest, closing in October.
“Murray House is a generational asset, offered fully leased to a mixture of retail and office tenants. This asset provides significant value add opportunities including further development in time with potential to increase the building height (STCA) given the current low-rise improvements, refurbishment or rental growth,” Mr Ma said. “The property benefits from 36.8mof street frontage, a favorable central business zoning, meaning a variety of outcomes may beexplored by a range of buyer groups including investors, owner-occupiers and add-valuedevelopers.
“Murray Street is a major carriage-way passing through Hobart’s city centre, and thus experiences passing pedestrian and vehicular traffic. Properties in the immediate vicinity comprise various strip retail premises including well-known brands such as Sportsgirl, Myer, Crowne Plaza Hotel; various office buildings and the State Library. Public car parking is in abundance in the vicinity with the property midway between two of Hobart’s largest public car parks, being Centrepoint Shopping Centre Car Park and the Hobart Central Car Park only approximately 100 meters in each direction from the property.
Mr Burbury commented “Tasmania’s property market has been a major beneficiary of the past twelve months with investors eager to place funds in Tasmania’s capital city. This is driven by the lack of competing stock, strong tenant demand and no new commercial developments in the pipeline. These factors, coupled with continued record low interest rates positions Murray House as an exceptional investment opportunity with a diversified income stream.”