Hadspen asset ready to roll

A 150ha parcel of greater Launceston land ripe for a flagship development has hit the market.

Located in one of Launceston’s major growth corridors, the Willowbank Estate property boasts a position just 8km southwest of Tasmania’s northern capital.

It is set at the junction of the Bass Hwy and Meander Valley Rd in Hadspen, in the Meander Valley.

The huge site, which includes a family home, comprises about 65 per cent of a 232ha earmarked growth area for the Hadspen Township, known as the Hadspen Growth Area Plan.

The Property has been brought to market via an expressions of interest campaign run by Knight Frank agents Cale Ayres, George Burbury and Nicholas Bond on behalf of the vendor MEDTEC (Launceston) Pty Ltd.

Mr Ayres described the property as Northern Tasmania’s premium development opportunity, having the potential for a 600-lot subdivision and town centre.

“The asset provides a unique combination of size, scale and various existing zoning, the likes of which have never been offered to the Northern Tasmanian market,” he said.

“Tasmania’s strong economic performance in recent years, combined with significant infrastructure spend across the state and increasing awareness of Brand Tasmania, is seeing growing interest from national and global investors.”

Current zoning throughout the site includes 3ha Local Business, 7ha Urban MixedUse, 36ha General Residential, 45ha Low-Density Residential, and 59ha Rural Living. There are rolling open pastures ready to develop.

Mr Bond said Hadspen was poised for significant development in the coming years, being situated in a well-located growth precinct, just minutes from Launceston.

“The local council has earmarked a substantial 232ha of land as the designated growth area for Hadspen, underscoring a commitment to strategic urban expansion,” he said.

“Hadspen presents an attractive investment opportunity driven by shifting demographics with a growing population, enhancing the need for town services and infrastructure upgrades that a development project on Willowbank Estate could deliver.”

The sale campaign for No.427 Meander Valley Rd, Hadspen will close at 4pm on Thursday, May 23.

HOBART’S Allurity Hotel is a substantial city investment property with three street frontages.

This seven-level building on 1813sq m of land contains a ground floor hotel, office and retail facilities, six upper levels of accommodation, and a rear car park.

The hotel component with 122 rooms is leased to Vision hotels who trade as Allurity Hotel.

It subleases part of the ground floor to Area 52, a well-known gaming retail store.

Other ground floor tenancies include Cool Wines bottle shop and University of Tasmania student services offices.

In the last few years, the property has been significantly renovated and refurbished including a complete renovation of level seven to provide 21 more rooms for a total of 122.

It also has a new sprinkler system throughout. Knight Frank has brought this property to market for the University of Tasmania as an investment subject to its existing leases.

The hotel was acquired in March 2018 for student accommodation. However, due to the pandemic, this property was not required in the short-term and the accommodation component has been leased to Vision Hotels since December 2021.

The high-profile property is fully leased. Originally built in 1972, the property is not on the Heritage Register. It is zoned Central Business.