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As seen in the Source link, written by realestate.com.au on 2019-12-02 15:31:00

The Government hopes to receive upwards of $30 million for the Elizabeth St Pier..

THE Government has revealed the amount it hopes to reel in through the sale of the Elizabeth Street Pier.

The waterfront site will be advertised for sale from next week through Knight Frank, which was selected as the 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 and other hospitality venues.

Treasurer Peter Gutwein said the site was not core business for the Government and they believed it could be better utilised by others.

parliament

Treasurer Peter Gutwein. Picture: NIKKI DAVIS-JONES.

Mr Gutwein said it was expected the complex would fetch “north of $30 million”.

He confirmed the proceeds would mostly be invested in 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 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,” he said.

“The time is very ripe for assets of this nature which are clearly unique and will be keenly sought.”

Mr Newton said the pir would be marketed nationally and internationally.

Mr Gutwein said the wharf and apron area would not be included in the sale and would remain in public ownership.

The advertising process starts on Tuesday and is expected to be complete in the first week of February.

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