No.3 Weston Hill Rd and No.5 Cole St, Sorell. Picture: Supplied
What’s next for this 1.46ha site at Sorell?
Raine & Horne Hobart Commercial property representative Lincoln Street has brought No.3 Weston Hill Rd and No.5 Cole St to market.
Mr Street expects the property will appeal to a number of buyer demographics.
He said it would be ideal for large-format retail and mixed-use developers seeking to capitalise on Sorell’s strong population growth and expanding urban footprint.
“The site’s scale, exposure and planning trajectory toward General Business zoning (currently General Residential) position it as a strategic landholding suited to master planned retail or staged development outcomes,” he said.
“This is attractive to local and interstate developers.
“The property has additional appeal to land-bank investors targeting future uplift and longer-term institutional exit potential.”
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No.3 Weston Hill Rd and No.5 Cole St, Sorell.
The land is located within Sorell’s town centre, with proximity to Woolworths, Coles, Mitre 10, McDonalds, Chemist Warehouse, KFC, and Shell.
Hobart is about a 25-minute drive from the asset.
It also has strong exposure to high-volume tourist traffic en route to the East Coast.
Mr Street said the property presents a highly flexible development opportunity suited to a range of large-scale commercial outcomes, including a bulky goods retail precinct, a drive-through food and service station offering, neighbourhood shopping centre, or a large-format medical and allied health hub.
“Given the site’s scale, exposure and positioning within Sorell’s growth corridor, it is equally well suited to a staged mixed-use commercial precinct, allowing developers to deliver a diversified, multi-tenanted asset aligned with the area’s expanding residential catchment and increasing demand for retail and services,” he said.
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No.3 Weston Hill Rd and No.5 Cole St, Sorell.
The chance to secure a site such as this is increasingly rare.
“It is highly unusual to find vacant land of this scale within the Sorell CBD or immediate fringe, particularly when considering the broader planning context,” Mr Street said.
“The recent Urban Growth Boundary readjustment across Southern Tasmania has unlocked substantial additional residential land, including significant expansion areas in Sorell, designed to accommodate ongoing population growth and housing demand.
“In fact, projections indicate the potential for thousands of additional dwellings in Sorell alone (3000–3500 new homes), effectively reshaping the municipality’s scale and demand profile.
“Coupled with Sorell being one of Tasmania’s fastest-growing municipalities with above-average population growth, this reinforces the scarcity of well-located commercial land.
“As a result, large, vacant, strategically positioned sites such as this are not only uncommon, they are becoming critical to supporting the next phase of retail, service and employment infrastructure required to service this incoming residential volume.”
No.3 Weston Hill Rd and No.5 Cole St, Sorell.
No.3 Weston Hill Rd and No.5 Cole St are for sale by expressions of interest, closing on April 22.