No.11 Franklin Wharf, Hobart is on the market. Picture: Supplied
A Hobart waterfront landmark building is set to be sold by mid-August.
No.11 Franklin Wharf is for sale or lease with vacant possession.
The building was previously home to Post Street Social bar and The Observatory club.
Pub Banc Group, which held the lease over both tenancies, recently entered voluntary administration, and the building’s owner now offers the property to market — a rare occurrence for a stand-alone freehold in this precinct.
Elders Commercial directors Scott Newton and George Burbury said the vacant possession status opens the door to a broader range of buyers than the property’s recent history as a bar and nightclub might suggest.
“This isn’t just a hospitality play,” Mr Newton said.
MORE: Chill factor: $1.1m income, four decades of security
Building momentum: More buyers, deals and confidence
Billionaire’s private Tasmanian island is up for grabs
No.11 Franklin Wharf, Hobart.
No.11 Franklin Wharf, Hobart.
“It’s a rare stand-alone freehold in one of the most exposed positions in Sullivans Cove, and subject to council approval, there’s genuine scope to reimagine it as a boutique hotel, premium office space or high-end retail.
“Opportunities like this simply don’t come up.”
Mr Burbury said the property is one of the most recognisable buildings on the waterfront, opposite the Mona ferry terminal and near Salamanca Market.
“A buyer can shape it around their own plans from day one, whether that’s a landmark hospitality venue or something entirely different,” he said.
MORE: Timber and tide: Bruny Island living at its finest
Acton-packed: Inside Tassie’s $2.125m top sale
Half of Australia fell, this Hobart suburb soared
It’s a spectacular ruin, and it could be yours
RWC Tasmania partners Tom Balcombe and Claude Alcorso said their focus is running a transparent process that achieves the right outcome for all parties.
“We’d encourage anyone considering Hobart hospitality or alternative uses, whether an established operator or a new entrant, to get in touch early,” Mr Alcorso said.
No.11 Franklin Wharf, Hobart.
No.11 Franklin Wharf, Hobart.
Built in the early 1900s and heritage listed, the 679sq m site carries dual frontages to Franklin Wharf and Morrison St, comprising 1200sq m of building area across two levels.
The ground floor previously operated as Post Street Social’s bar and restaurant with an 80-seat outdoor deck, while the first floor traded as The Observatory, a high-end nightclub and event space.
More than $3.1m has been invested in recent years, including a $700,000 to $800,000 ground floor refurbishment in 2015 and a $2.4 million first floor fit-out in 2019.
The sale comes as Hobart’s waterfront precinct benefits from significant nearby investment, including the $1.13bn Macquarie Point Stadium, the $330m Hobart Airport upgrade, and the $300m Hanging Garden Precinct.
Expressions of interest close August 13.