$30m sale hope for pier
THE Government hopes to reel in more than $30 million through the sale of the Elizabeth Street Pier.
The waterfront site will be advertised for sale from next week through Knight Frank, who has been selected as agent following a tender process.
It comes after the Government last year announced it would sell the site, of which it owns 91 per cent.
It features 56 serviced apartments, a conference centre, as well as other hospitality venues.
Treasurer Peter Gutwein said the site was not core business for the Government and they believed it could be better used by others.
Mr Gutwein said it was expected the complex would fetch “north of $30 million”.
He confirmed the proceeds would mostly be invested for remediation works at Macquarie Point, including the removal of the wastewater treatment plant.
“The Government is not in the business of running an accommodation business and we believe now is the right time to divest the state of this asset,’’ he said.
“It’s a great time in Tasmania
to be taking a business like this to the marketplace.”
Knight Frank Tasmania chief executive Scott Newton said he expected the complex to sell for in the range of $35 million.
Mr Newton said it was “without doubt” that there would be significant interest in the site.
“The tourism sector and Tasmania’s economy is performing exceptionally well and that’s reflective in some significant transactions in the past 12 to 18 months,’’ Mr Newton said. “The time is very ripe for assets of this nature which are clearly unique and will be keenly sought.”
Mr Newton said the asset would be marketed nationally and internationally.
Mr Gutwein said the wharf and apron area will not be included in the sale and will remain in public ownership.
The advertising process starts on Tuesday and is expected to be complete in the first week of February.