‘Trophy assets’ on the market

AN OVERSEAS investor who spent about $18m on high-profile Hobart properties just a few years ago is now selling off part of the portfolio.

As revealed earlier this month, two multi-level properties on the Hobart waterfront are expected to draw international interest and score multimillion-dollar sales.

Described as “trophy assets”, 2 Elizabeth St and 7-9 Franklin Wharf in Sullivans Cove cover a full block with four street frontages.

Knight Frank commercial sales consultant George Burbury has said the buildings would appeal to owner-occupiers wanting the right space for a flagship headquarters, or as a hospitality or entertainment industry endeavour.

The vendor for those two properties also owns the Grand Vue Private Hotel on Mona St in Battery Point.

The 1906-built, 10-bedroom property was previously a family home before being operated as a boutique hotel and is for sale by expressions of interest closing on October 29.

Property records show it was bought by Capital Residence Pty Ltd in June 2018 for $4.1m.

Capital Residence’s postal address is listed as 1/160 Collins St, Hobart, which is the same address given for Tasurbs Pty Ltd, which is selling the two waterfront properties.

Records for those two properties show that 2 Elizabeth St was bought for $6.5m in May 2017 and that 7-9 Franklin Wharf was purchased for $6m in March 2017. Tasurbs current directors are Hong Kong-based businessman Jun Jia Xu and Chineseborn Blackmans Bay resident Cong Zhang.

Mr Burbury said he could not disclose the reason for the sales.

He said the Battery Point hotel was being marketed to both prospective residential and commercial buyers and there was no set price guide.

“We’re encouraging all parties – whether they’re looking to buy it as a residential premises or commercially as a hotel – to do their own research,” Mr Burbury said.

“The zoning is inner residential, but it has permitted use to operate as a hotel so it’s a very rare property.

“It’s arguably the best presented property I’ve ever marketed, both here and during my time in Melbourne.”

Mr Burbury said there had already been more than 50 inquiries into the property in just under two weeks.