Friday, 29 May, 2020

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Telstra Centre to be among the biggest sales of the year

The Telstra Centre at 66-80 Collins St, Hobart. Picture: SUPPLIED

A LANDMARK building in Hobart’s CBD is expected to fetch tens of millions of dollars when it is sold later this month.

The eight-level Telstra Centre on Collins St is unlike anything on the market, said Knight Frank partner Scott Newton.

“We are marketing the property nationally and internationally,” he said.

The building is located in a high-profile position, a corner site about 100m from the Elizabeth Street Mall and opposite the Royal Hobart and Hobart Private hospitals.

The building, which boasts 10,037sqm of floor space, is anchored by leases to two State Government departments and Telstra, which together cover more than 80 per cent of the floor space.

The Telstra Centre enjoys a high-profile position.

Mr Newton said the estimated net income was more than $2.4 million a year plus GST. The L-shaped site has an almost 50m frontage on Collins Street and 26m on the Argyle Street side of the 1720sqm site.

The building was originally developed for Telstra in 1990.

Floors two through to eight are described as A Grade office accommodation, ideal in a market like Hobart’s, which Mr Newton said was the third strongest capital city office market in Australia behind only Sydney and Melbourne.

The building was developed for Telstra in the 1990s.

Mr Newton expects the building to sell for about $30 million, which is in line with the largest Tasmanian commercial property sales of the year, including K&D Warehouse and Macq 01.

No.66-80 Collins St in Hobart is listed with Knight Frank and Edwards Windsor.

It will be sold by expressions of interest closing on August 29 at 4pm.