Real Estate

hereaes what 15 million buys you

Written by The ReReport

144 Macquarie Street, Hobart. Picture: SUPPLIED

THE building at 144 Macquarie Street is an A-grade 12-floor office block with a net lettable area of 5684sqm, a site area of 929sqm and 19 car spaces.
With the recent completion of a substantial capital upgrades program the building is energy-efficient and has a four-star NABERS rating.
The building is strategically located within Hobart’s office precinct and is close to public transport, the retail district and Salamanca Place.
There is a chance to add significant value through leasing or conversion of use.
The property is zoned “Central Business’’, which allows a variety of uses including office, retail, visitor accommodation and residential (STCA).
This refurbished landmark office building is mainly leased to the State Government and sits in the heart of Hobart’s CBD.
Hobart is currently experiencing nation-leading growth and is forecast to continue as the city becomes more vibrant and modern.
Substantial capital upgrades have been completed to the base building lighting, lifts and mechanical plant.
The sale price point represents an attractive value proposition in a competitive sales market.
The approximate net income of $1.43 million per annum reflects an initial yield of 9.5 per cent and a 12 per cent yield fully leased.
There is a chance to add significant value through leasing or future asset conversion. The State Government lease covenant has renewal options
The building is listed for sale at $15 million by Knight Frank and Edwards Windsor.

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