These Tassie commercial property sales cleared $29m combined. Picture: Supplied
Two Tasmanian commercial properties have sold for eight-figure sums.
A major industrial facility in Tasmania’s key logistics hub sold for $15.85m, highlighting continued investor demand for specialised industrial assets backed by long-term tenant covenants.
The property at Western Junction, near Launceston, comprises a purpose-built food-grade manufacturing, cold storage and distribution facility strategically positioned within the TRANSLINK Airport Industrial Precinct near Launceston Airport.
The Richard St asset spans a 2.385ha freehold landholding and includes a 7355sq m facility featuring temperature-controlled production areas, cold storage infrastructure and a purpose-built refrigerated annex serviced by 12 loading docks.
The property is leased to Nature’s Best (Tas) Pty Ltd, the manufacturing and wholesale arm of Pet Solutions International, on a 15-year lease extending to 2041 with four further five-year options.
The lease generates annual net income of $1.1m and includes fixed annual rental increases of 3 per cent.
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No.13 Richard St, Western Junction.
No.13 Richard St, Western Junction.
CBRE’s Shaun Venables, George Wilkinson and Lee Holdsworth, in conjunction with Elders Tasmania’s David Webster and Cale Ayers, brokered the deal.
Mr Venables said the sale reflected strong investor demand for industrial assets underpinned by critical infrastructure and secure long-term income streams.
“Large-scale cold storage and food-grade industrial facilities remain tightly held assets, particularly in Tasmania where the availability of comparable stock is extremely limited,” he said.
“The property’s strategic location, specialised improvements and long lease profile attracted significant interest from investors seeking defensive industrial investments with built-in rental growth.”
No.13 Richard St, Western Junction.
No.13 Richard St, Western Junction.
Mr Wilkinson said the asset’s role within Tasmania’s freight and logistics network was a major drawcard for purchasers.
“This facility occupies a critical position within one of Tasmania’s most important industrial precincts, with direct connectivity to the state’s major transport and distribution routes,” he said.
“The purchaser identified substantial underlying land value and a national tenant that plays an integral role in the national pet food supply chain, the asset presented a compelling long-term investment proposition.
“This transaction represents Launceston’s largest industrial property sale of 2026.”
No.2-4 Bender Dr, Derwent Park.
No.2-4 Bender Dr, Derwent Park.
Meanwhile, CBRE sold a PFD Foods asset in Hobart’s northern suburbs for $13.375m.
No.2-4 Bender Dr was a standout sale – with a yield of 5.84 per cent – at the agency’s most recent Portfolio Auction.
Senior director Yosh Mendis said the sale exemplified the increasing investor demand for premium industrial and logistic assets.
He said this demand is underpinned by long-term leases to proven national tenant covenants – in this case, Woolworths – and strategic locations.
“The property saw competitive bidding from investors across Australia, eventually selling to an interstate investor,” he said.