This article is from the Australian Property Journal archive
HOBART’s iconic National Trust-listed Ash Bester building is believed to have sold for $4.525 million.
The 98-102 Elizabeth Street building dates back to the 19th century and currently operates as a refurbished mixed-use building fully-leased to a mix of restaurant, retail, office and accommodation tenants.
LJ Hooker Commercial’s Alan Clark marketed the property.
It was originally the site of the Old Hobart Hotel, and was rebuilt following a fire to house a local chemist operated by Ash and Bester in the 1850s.
At the commencement of the campaign late last year, Clark said the latest refurbishment that the current group of tenants are primarily on long-term leases with options.
The property returns a net annual income exceeding $320,000, and Clark said the opportunity to self-manage two luxury apartments in the building could generate an additional $65,000 per annum.
“The owners have made a great investment in celebrating the unique character of every part of the building and engaged the guidance of the Heritage Council in the process.
“In the basement, the Ash and Bester bar has become a very popular watering hole with the exposed stonework creating a unique ambience,” he said.
The ground floor is tenanted by Ellie’s Bistro and Vita Nature + Culture, with office premises upstairs, and the former stables at the back of the property used as a luxury townhouse.
Australian Property Journal
