Globe Hotel, No.178 Davey St, South Hobart. Picture: Supplied
A landmark South Hobart hotel with vacant possession and a 30-machine gaming room has hit the market amid a flurry of hospitality property activity across Tasmania.
Davey St’s Globe Hotel is listed for sale with George Burbury and James Black from Elders Commercial.
While the pub is currently operating, vacant possession gives potential purchasers the flexibility to run the business themselves, or lease it to an operator, Mr Burbury said.
A large portion of the site is underdeveloped, currently used as carparking, which will be seen as advantageous for many buyers.
“The asset sits on a 2822sq m block, so there is a significant development angle for this property, subject to approvals,” Mr Burbury said.
MORE: Hobart Reserve Bank Building hits market for first time in 25 years
Tas Govt-leased building sells in one of year’s biggest deals
‘Generational’ site for sale — could hold 200 homes
Cleared for takeoff: Hobart Airport gateway opportunity
Globe Hotel.
“Developing above the parking area would offer wonderful views towards Sandy Bay and the river beyond.”
The large hotel stretches across two levels and has a 1345sq m floorplan, including a public bar, a recently refurbished gaming room, function room, commercial kitchen, bottle shop and 15 accommodation rooms including a manager’s residence.
The hotel’s location is a drawcard, with about 30,000 cars passing the site daily. The property has Urban Mixed Use zoning.
Expressions of interest close on October 22.
Meanwhile, the Globe Hotel has come to market amid a flurry of activity in this sector.
Elders Commercial has sold the Midway Point Tavern, and the Commercial Hotel in Cygnet is under offer. The agency was also a co-agent on the sale of No.11 Franklin Wharf.
Midway Point Tavern, No.2/6 Penna Rd, Midway Point.
The market consistently proves to have an appetite for these types of assets, Mr Burbury explained.
There have been some closures lately, he noted, but new venues are opening too, such as Don Frico in Montpelier Retreat, Bier Halle on Davey Street, and the Viva Art Lounge.
“Bier Halle Hobart, just down the street from The Globe, is another recently launched business, and the refurbishment and fit-out is incredible,” he said. “It is trading strongly, I understand.”
The Midway Point campaign generated a strong outcome, according to Mr Burbury.
“It attracted multiple unconditional offers and at the end of the second round the sale price reflected a 5.8 per cent yield,” he said.
Commercial Hotel, No.2 Mary St, Cygnet. Picture: Supplied
“The lease structure, site and the large size of the site — and long-term development potential — was attractive to many of the buyers who inquired.”
In the Huon, the Commercial Hotel’s sale attracted a lot of community interest and inquiry from potential purchasers.
“It is under contract, and we are working closely with the purchaser to secure an unconditional outcome on that transaction soon,” Mr Burbury added.