This article is from the Australian Property Journal archive
THE iconic Morty’s Complex retail hub in Launceston’s CBD is up for grabs for the first time in the more than two decades since its development.
Set on a 4,433sqm landholding at 25-31 Wellington Street, the convenience and food-based retail asset boasts 1,358sqm of GLA and comprises three precincts including a two-storey heritage lifted terrace building and 27 car parks.
Josh Scapolan and Lee Holdsworth of CBRE, alongside Rob Dixon from Knight Frank, have been appointed manage the sale, via an expressions of interest campaign.
“The property occupies a high-profile corner site in a growing city with a strong tourism market, and offers an opportunity to restructure the current foodcourt model allowing for a stronger net position,” said Scapolan.
In addition to the 11 tenancies in the food court, a BP is the major blue chip tenant, with a further seven on the forecourt, including Subway and Morty’s Newsagency, which includes an Australia Post.
Overall the 18 tenancies in total provide an estimated fully leased net income of $870,062 per annum.
Launched by the late Mort Douglas, the precinct was established in 2000 and billed as a “total dining experience” and one of Launceston’s only food hubs that is open late-night all week.
The site sits on the corner of Brisbane Street and features a combined frontage of 142 metres, providing dominant exposure to 161,000 cars each week, as well as additional access via York Street.
“Morty’s Complex is well-known to locals, and a rare opportunity to acquire prime real estate in the heart of the tightly-held Launceston CBD,” concluded Holdsworth.
The expressions of interest campaign for Morty’s Complex is scheduled to close on 15 November 2022.
