The property at 103 Melville Street and 159-163 Harrington Street was sold on behalf of the University of Tasmania and was jointly marketed by Claude Alcorso and Matthew Wallace of RWC Tasmania, alongside Matthew Wright and George Wilkinson of Burgess Rawson from CBRE.
The international campaign attracted over 117 enquiries from a diverse range of highly qualified groups, ultimately resulting in six offers submitted to purchase, catering for over $120 million in unallocated capital within the Tasmanian marketplace.
Claude Alcorso said that opportunities to purchase a property of this scale and in such a strategic location rarely present themselves, not just in Tasmania, but nationally. “We were pleased with the buyer interest, as the property reflects the significance of the asset and the strength of the Hobart commercial market. Utilising the strength of both our national platforms led to a smooth and comprehensive campaign.”
Matthew Wright said “we saw strong engagement from both domestic and international investors, driven by Tasmania’s attractive yield profile and constrained supply. The sale underscores Hobart’s emergence as a key destination for institutional and private capital.”
Matthew Wallace said he was incredibly proud of both teams for the professionalism and standard set during this landmark campaign. “To deliver what was promised is a credit to the two teams involved and the trust the client placed in our companies.”
George Wilkinson emphasised that the sale represented far more than a commercial transaction, describing it as an opportunity to redefine a strategic precinct within Hobart's CBD.
The sale is bound by a confidentiality agreement, however the purchaser has described it as a once-in-a-generation opportunity and is committed to working with the community to create a development that transforms this pivotal CBD location and delivers lasting benefits for all Tasmanians.
