Interstate investor spends big to buy Hobart’s Elizabeth St pier

Hobart’s Elizabeth Street Pier has been sold for a huge sum.

A private interstate-based investor, who has numerous other interests in Tasmania, has purchased the property from the State Government’s Treasury Department for $30.1 million.

Knight Frank partner Scott Newton said there had been worldwide interest in the freehold strata investment property from more than 100 parties.

Newton says sales such as this one reveal the confidence investors have in Tasmania.

“They are playing a long game, and take a long view of it,” he says.

“They are very confident in all of the attributes that Tasmania represents.”

Elizabeth Street Pier sold for $30.1 million.

The two-level building dates back to the 1930s and while it is not heritage-listed, it is considered a place of “cultural significance”.

It is Sullivans Cove’s last remaining finger wharf.

The building was used as a warehouse until 1997 when it was redeveloped as a commercial operation with 64 strata titles.

The almost 5000sqm building is currently the home of Somerset Apartments, Fish Frenzy, Billy’s Burgers, Asian Gourmet and the Hobart Conference Centre.

Leo Miller owner of Billy Burgers and Bar on Elizabeth Street Pier. Picture: NIKKI DAVIS-JONES

When the property hit the market late last year, then Minister for State Growth Peter Gutwein said the Government had formed the view that it was no longer appropriate to own the Elizabeth Street Pier and that the proceeds of its sale would be used to underpin investment in other public assets that would benefit Tasmanians.

The Government plans to use the funds to assist with the renewal of the Macquarie Point precinct to underpin and unlock the potential of hundreds of millions of dollars of investment flowing into a site that is hoped to become the cultural heart of Hobart, he said.

Meanwhile, Singapore’s Fragrance Group has acquired the Devonport Waterfront Hotel for about $40 million.

Newton says the investment was one of the most significant for the area in many years.

This article from The Mercury originally appeared as “Hobart’s Elizabeth Street Pier sold to interstate investor”.