Sale of Elizabeth St Pier fetches $30m
HOBART’S Elizabeth St Pier has been sold for a huge sum.
A private interstate-based investor, who has other interests in Tasmania, has purchased the property from the State Government’s Treasury Department for $30.1 million.
Knight Frank partner Scott Newton said there had been worldwide interest in the freehold strata investment property from more than 100 parties.
Mr Newton said sales like this one reveal the confidence that investors have in Tasmania.
The two-level building dates back to the 1930s and while it is not heritage listed, it is considered a place of “cultural significance”.
It is Sullivans Cove’s last remaining finger wharf.
The building was used as a warehouse until 1997 when it was redeveloped as a commercial operation with 64 strata titles.
When the property hit the market late last year, Premier Peter Gutwein – then minister for state growth – said the Government had formed the view that it was no longer appropriate to own the Elizabeth St Pier and that the proceeds of its sale would be used to underpin investment in other public assets.
It’s the Government’s plan to use funds from the sale of the pier to assist with the renewal of the Macquarie Point precinct, he said.
Meanwhile, Singapore’s Fragrance Group has bought the Devonport Waterfront Hotel for about $40 million. Mr Newton said the investment was one of the most significant for the area in years.