Two buyers in last sales for Coogans

THE former Coogans site in central Hobart has sold and the local retail institution’s Moonah building is also under contract, with a surprising new part owner-occupier.

Melbourne-based Colliers International and local firm PRD Nationwide were appointed to sell the Collins St and Moonah properties, which had been home to Tasmanian furniture and electrical retailer Coogans.

The family business of 143 years closed its doors for the final time at the end of June.

The Mercury can reveal the Collins St and Moonah sites, plus the original factory and showroom building in Elizabeth St which sold earlier this year, fetched more than $13 million.

The selling agents said in April they were expecting the Hobart building to sell for $5-$6 million and the Moonah site for $8-$9 million.

Property sales records from Corelogic RP Data reveal the Collins St site sold for a little less at $4.4 million.

PRD Nationwide managing director Tony Collidge said the CBD property sold to an undisclosed Melbourne-based buyer who had Hobart connections.

“I understand they were looking at it as retail with the potential for accommodation further down the track,” he said. “They’ve also bought a couple of other properties around the city and they see a real future for Hobart.”

That property is now available for lease.

The Moonah site is also under exclusive contract with local investor and part owneroccupier, the Energizer Church.

“The Moonah building will be split into three — retail, storage and a church — that’s where the parking became critical,” Mr Collidge said.

Senior pastor David Morse said the church hoped to have a development application into the Glenorchy City Council in the next two weeks to convert much of the site into a community hub.

Mr Morse said it would include a 350-400 seat auditorium for community use including conferences, a cafe with children’s playground and a smaller auditorium on the top floor for activities such as dance, music and counselling services.

He said the Moonah site was one of very few that had come on the market which suited the vision they had.

“We’re not going there to just build a church — it’s much more a community centre,” he said.

“We think the way that Hobart’s growing and developing, Moonah is quite central to greater Hobart.”

Chairman John McClea said the Coogans board was “delighted” to have sold the buildings and wished the new owners well.

He said the credit arm of the business would continue running until October 1 when it was then expected to change hands to current chief executive Chris Brown and be rebranded Coogans Finance Tasmania.

Mr Brown is the greatgreat-grandson of William Coogan, who established the family business in Launceston in 1876.

He said he was in the final stages of negotiation for the finance component of the business, which would initially continue out of the Moonah site before finding a more suitable premises.