SOLD: No.11 Franklin Wharf, Hobart. Picture: Supplied
A trophy building on Hobart’s waterfront has a new owner.
But the asset’s sale price is undisclosed.
No.11 Franklin Wharf, Hobart – the former home of Post St Social and The Observatory – was taken to market by local agencies Elders Commercial and Ray White Commercial Tasmania alongside an interstate agency, HTL Property.
Together they ran a campaign that generated global interest and multiple prospective purchasers vying to secure the 679sq m asset.
The agencies confirmed that the property had been bought by an interstate-based investor.
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No.11 Franklin Wharf, Hobart.
No.11 Franklin Wharf, Hobart.
RWC Tasmania partner Tom Balcombe said the purchaser is no stranger to Hobart.
“He has a number of other interests in Hobart; he has done some great things in the commercial property space before – it will be exciting to see this next chapter unfold,” he said.
“The campaign ran for three weeks, rather than four.
“It was positive to see new and existing inquiries acting quickly on this irreplaceable waterfront asset.
“This campaign shows interstate-based investors are happy to spend capital in Hobart for the right asset.”
No.11 Franklin Wharf, Hobart.
No.11 Franklin Wharf, Hobart.
Elders Tasmania chair Scott Newton said the sale represents a significant milestone for one of Hobart’s most prominent waterfront assets.
“This exceptional opportunity has been secured by a highly qualified purchaser, and we are excited to see the asset repositioned as a key Sullivan’s Cove holding,” he said.
“The strong interest generated throughout the campaign reflects the enduring appeal of premium waterfront property and the confidence investors continue to have in the Hobart market.”
No.11 Franklin Wharf, Hobart.
No.11 Franklin Wharf, Hobart.
Elders Commercial director George Burbury said the campaign generated a number of conditional and unconditional offers.
“National and international hospitality businesses expressed interest in the property,” he said.
“A lot of the interest in the asset was on the back of the future $1.13bn Macquarie Point Stadium precinct, with this asset being so close by, just a 500m walk.
“While there has been turnover in the hospitality space, there are signs of optimism, too.
“In the surrounding area, there is The Tasman’s new Lumina events destination, the Citadines hotel on Elizabeth St Pier, Don Frico in Montpelier Retreat and the Viva Art Lounge next door to Rockwall. Gelato Messina is coming to Elizabeth St Pier.”
No.11 was built in the early 1900s and is heritage listed.
It is among the most recognisable buildings on the waterfront, opposite the Mona ferry terminal and near Salamanca Market.
The properties carry dual frontages to Franklin Wharf and Morrison St, comprising 1200sq m of building area across two levels.
Records show No.11 was sold for $8m in 2017 and $1.2m in 2000. More recently it was for sale seeking $12m.