Coogans closures spark significant Hobart property sales

Colliers International, PRD Nationwide appointed to sell two prime retail assets in Tasmania

Colliers International and PRD Nationwide has been appointed to sell two prime retail properties previously occupied by 143-year-old Tasmanian retailer Coogans. 

Colliers International’s Matt Stagg and Tony Collidge from PRD Nationwide are offering for sale 79-81 Collins Street, Hobart and 80-82 Main Road in Moonah, formerly home to Coogans stores for many decades.

Divestment of the Coogans real estate portfolio follows the closure of the Hobart store in January this year and the recently announced closure of the Moonah store, which is scheduled for June 30, 2019 due to challenging trading conditions impacting some local retailers.  

Agents expect 79-81 Collins Street, Hobart to sell for between $5 to $6 million (Ex GST) and 80-82 Main Road, Moonah for $8 to $9 million (Ex GST). Total portfolio realisation is estimated at between $13 to $15 million (Ex GST)*.

79-81 Collins Street comprises a stunning retail and commercial building situated in the heart of the Hobart CBD and retail core.  It boasts an extensive 15.78 metre Collins Street frontage and prime location near the Elizabeth Street Mall, The Cat and Fiddle Retail Arcade and surrounded by major retailers and office buildings.

Coogans’ Moonah flagship store is situated within five kilometres of the Hobart CBD in one of the city’s fastest growing suburbs. 

The 5,901sqm building comprises a large format retail showroom with purpose built warehouse and loading dock. Mr Stagg said the high quality asset could readily accommodate other large format retail tenants and owner-occupiers. A substantial adjoining carpark the company owns will accommodate over 100 vehicles, providing convenient parking whilst shopping in store.

The underlying land area is a massive 6,665sqm with three street frontages enabling a variety of future uses and development outcomes to be explored (STCA*),” he said.

“The international expressions of interest campaign is expected to generate strong interest from interstate and international buyers.These are two absolute prime retail investment or owner-occupier opportunities with excellent future development potential.

Mr Collidge added: “Hobart has been the number one city in Australia for residential price growth for the past three years, with a capital growth rate of 14.90% (approx) for the year ending 2018.

“Australian and international investors now also recognise the excellent value and capital growth potential Hobart retail and commercial property offers in comparison to Sydney, Melbourne and Brisbane.”

The properties are being offered for sale via International Expressions of Interest Closing 9th May at 12noon. Vacant possession will be provided at settlement.
 

Related Experts

Matthew Stagg

Director | Melbourne City Sales

Melbourne CBD

Matt Stagg has specialised in the sale of Melbourne Central Business District (CBD) and City Fringe commercial property since 2000. He has an extensive track record selling office and retail investments, development sites and commercial car parks. 

​Matt has an established client base throughout Melbourne and Australia from a variety of sectors including institutional and private investors, family offices, corporates, developers, banks, receivers and government.

He has also cultivated a network of international clients from China and South East Asia. This has directly resulted in several record transactions throughout the CBD and City Fringe to major offshore investors and developers entering the Melbourne market.

​Please contact Matt and the Melbourne City Sales Team should you be considering selling or buying a high quality commercial property in the City of Melbourne.​

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Laura Phillips

Associate Director | PR & Communications

Melbourne CBD

Part of the Australian media landscape for 10 years, with a background in newspaper and magazine journalism, including property reporting. 

Fostering strong relationships with property and business journalists and editors across national, state and local media, from newspapers and online publications to television and radio.

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