This article is from the Australian Property Journal archive
TWO Hobart properties that were home to historic furniture and electricals retailer Coogans have been listed for sale, with expectations of netting a combined $15 million.
Coogans business will be closing down in June, 143 years after William Coogan established the business in Launceston in 1876. His great-great-grandson, Chris Brown is the chief executive officer.
THE sites are at 79-81 Collins Street in Hobart’s CBD and at 80-82 Main Road in the northern suburb of Moonah.
Business operations were consolidated to Moonah earlier this year after trading from Collins Street since 1912. Its Launceston store closed in 1978.
Colliers International’s Matt Stagg and Tony Collidge of PRD Nationwide are marketing the assets via expressions of interest closing 9th May.
The Hobart building, comprising three storeys plus a basement level with a total area of 2,408 sqm, is expected to sell for between $5 million and $6 million. It has retail and commercial space and is zoned Flexible Central Business.
The Moonah site covers 6,700 sqm and has expectations of selling for between $8 million and $9 million. Zoned General Business, it has a showroom, warehouse and loading dock building of 5,901 sqm and 97 on-site parking spaces.
The listings come shortly after the 9,365 sqm Tilford Auto Group site at 35-53 Brisbane Street, also in Hobart’s CBD, hit the market.
Tilford has been at Brisbane Street since 1966, and the site itself has been used as a car dealership since 1933. The property has a lettable area of 7,651 sqm and is being marketed with a leaseback to Tilford of 10 years with a 10-year option.
Meanwhile, expressions of interest have just closed for the Kemp & Denning warehouse site nearby, listed with expectations of circa $25 million. It has a warehouse site with an existing building area of 6,374 sqm across multiple structures developed in the mid 1980s, as well as 120 parking spaces, and is being offered with a two-year leaseback from settlement as the vendor seeks planning and development approvals.
Australian Property Journal
