This article is from the Australian Property Journal archive
A THREE-storey sandstone property in Hobart has sold under the hammer for $7.8 million on a tight yield of 3.47%, reflecting the strong appetite from local, interstate and offshore investors.
Knight Frank Tasmania CEO Scott Newton said the auction of the 1830’s Georgian property attracted over 100 local, interstate and international attendees, with an undisclosed local buyer securing the property.
“This was a highly competitive sale, with eight bidders and around 100 people at the auction. In one of the most highly sought-after areas in Australia, it sold well above the reserve and exceeded expectations,” Newton said.
The ground floor of 21-23 Salamanca Place is tenanted by Irish Murphy’s tavern, with the upper two levels consisting of renovated offices. On the third floor is the ‘Salamanca Loft’, a newly refurbished two-bedroom unit featuring painted sandstone walls, two skylights in the lounge and a glass atrium.
The three-story sandstone property is situated in close proximity to Hobart’s popular Salamanca Markets, as well as the upcoming Parliament Square, currently in development, which is set to become the heart of Hobart.
“The Hobart investment market is as strong as we have experienced historically, and the appetite for this property is a testament to this.
“Yields are now breaking below 6% consistently, with this property receiving the lowest yield on record to our knowledge for an investment property in Tasmania,” he added.
Australian Property Journal
