Hobart institution The Den set for new landlord in Salamanca Place sale
If you’ve ever spent a weekend in Hobart – or if you’re lucky enough to call the Tasmanian capital city home – there’s a pretty good chance you’ve paid a visit to The Den.
The Salamanca bar is a go-to for locals and visitors alike, with its exposed stone walls, timber panelling and firepits providing the perfect venue for a cosy drink – or three.
And there are plenty of people to stop in. The Hobart dockside institution faces onto one of the city’s busiest tourist areas, Salamanca Place, which plays host to the renowned Salamanca Market every Saturday. Between 200 and 300 businesses set up at the market, and there are often long queues to get in.
Now, the unit that The Den calls home is being offered for sale, along with three others in the Georgian sandstone building.
“This landmark generational trophy asset occupies a prized corner position right in the heart of Tasmania’s most sought-after and world-renowned precincts, and is fully leased to various well-established businesses,” says the listing from Elders Real Estate Hobart.
The sale is comprised of four separate strata-titled commercial units, numbered one to four, set over three levels. Units five and six are excluded from the sale.
With two additional frontages on Woobys Lane and Salamanca Square, the 829-square-metre space is surrounded by other restaurants, cafes, galleries and craft shops.
The units are fully leased to a mix of bar, retail and business tenants and have a current gross income of $403,997 a year plus GST and a weighted average lease expiry (WALE) of five years.
Hobart has made its mark as a tourist destination in recent years, welcoming close to two million overnight visitors in the year to December 2023.
The opening of the Museum of Old and New Art (MONA) in 2011 has contributed significantly to the city, establishing itself as a beacon of art and culture. More than a quarter of all tourists visit the institution, which is the largest private museum in the southern hemisphere, with even more coming for events like the Huon Valley Mid-Winter Festival and Dark Mofo.
