Potential buyers catch first flight in to view historic Hobart waterfront buildings
Two prominent waterfront properties in the heart of Hobart’s Sullivans Cove have attracted strong interest, with keen buyers from NSW boarding the first flight to the Tasmanian capital for inspections when the state borders reopened.
The heritage properties are set across 976 square metres opposite the wharfs, and cover 2452 square metres of building space.
Occupying the entire block and boasting four street frontages and uninterrupted views of the waterfront, they are being sold with vacant possession, individually or in one line.
The buildings, built in about 1880, were once the marine board’s headquarters, and have been used as office space since 1990 following a major redevelopment. They are 150 metres from Hobart’s CBD.
Agent George Burbury, of Knight Frank Tasmania, is selling the buildings through an expressions of interest campaign for their offshore owner, and said he expected the properties to be snapped up before the Victorian borders reopened to Tasmania at the end of November.
“They are beautifully positioned waterfront heritage properties over the Sullivans Cove precinct, in between two of Hobart’s most iconic night venues and restaurants and surrounded by a plethora of hotels,” he said.
“It looks on to where the Taste of Tasmania is and where the Sydney to Hobart yachts come in, so it’s a wonderfully located building.”
The seller bought the properties, which are on Tasmanian Heritage Register, two years ago for $12.5 million.
Mr Burbury said the mixed-used zoning of the “trophy assets” enabled numerous business opportunities.
“A building of that scale opens up the opportunity to potentially put some penthouse apartments on the roofs, maybe the ground floor with some really high-end hospitality and potentially bring some Melbourne or Sydney retailers down in a flagship Hobart venue,” he said.
“There’s a permit in place for the yellow building, which is 2 Elizabeth Street, for a ground-floor restaurant [and] five luxury hotel rooms on the first floor … so if you continue that trend throughout, it might be fairly impressive.”
He said interested buyers were mostly keen to turn the buildings into mixed-use developments, while others wanted to explore the option of keeping them as commercial offices and completing a cosmetic refurbishment. Many were from interstate.
“Since the NSW borders opened up we’ve been dealing with NSW enquiry and they’ve actually come down and been through the property,” he said. “Some were on the first flight down.”
Mr Burbury said the last time an asset of such scale was sold was Elizabeth Pier opposite the buildings in February.
The Elizabeth Street building spans two levels and has a feature central stairwell to the upper level, which has a large glass atrium enabling light to flood the space.
The Franklin Wharf building encompasses three levels and features timber beams and columns, and two balconies.
Sullivans Cove and the surrounding precinct is classed as historic by the Tasmanian Heritage Council and is also part of the State Heritage List.
It has been occupied since European settlement in 1804. According to the Australian Heritage Database, Sullivans Cove is “historically important … and illustrates Hobart’s long tradition of maritime enterprise”.
“The evolution of port facilities and related activities associated with the deepwater port since 1804 are demonstrated through the extensive array of buildings and continuing shipping, commercial and recreational uses of the port,” the statement says.
“Sullivans Cove is important for illustrating the development and history of maritime enterprise in Australia. The continuity of use of the docks to the present day as a berth for small vessels and as a gateway to the Antarctic adds to the significance of the place.”
