Tasmania’s former Coogans sites fetch $13m
The former Coogans site in central Hobart has sold and the local retail institution’s Moonah building is also under contract, with a surprising new part owner-occupier.
Melbourne-based Colliers International and local firm PRD Nationwide were appointed to sell the Collins St and Moonah properties, which had been home to the Tasmanian furniture and electrical retailer.
The family business of 143 years closed its doors for the final time at the end of June.
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The Mercury can reveal the Collins St and Moonah sites, plus the original factory and showroom building in Elizabeth St which sold earlier this year, fetched more than $13 million.
The selling agents said in April they were expecting the Hobart building to sell for $5-$6 million and the Moonah site for $8-$9 million.
Property sales records from Corelogic RP Data reveal the Collins St site sold for a little less at $4.4 million.
PRD Nationwide managing director Tony Collidge says the CBD property sold to an undisclosed Melbourne-based buyer who has Hobart connections.
“I understand they were looking at it as retail with the potential for accommodation further down the track,” he says.
“They’ve also bought a couple of other properties around the city and they see a real future for Hobart.”
Coogans chief executive Chris Brown — whose great great grandfather started the business over a century ago — with chairman John McClea. Picture: RICHARD JUPE
That property is now available for lease.
Collidge also confirmed the Moonah site was under exclusive contract with a local investor and part owner-occupier, which the Mercury understands to be the Energizer Church.
“The Moonah building will be split into three — retail, storage and a church — that’s where the parking became critical,” Collidge says.
Coogans chairman John McClea says the board is “delighted” to have sold the buildings and wished the new owners well.
He says the credit arm of the business will continue running until October 1, when it is then expected to change hands to current chief executive Chris Brown and be rebranded Coogans Finance Tasmania.
Brown is the great-great-grandson of William Coogan, who established the family business in Launceston in 1876.
He says he is in the final stages of negotiation for the finance component of the business, which will initially continue out of the Moonah site before finding a more suitable premises in the longer term.
Colliers International’s Matt Stagg says the Hobart CBD retail and commercial market is now very much on the radar of mainland and international investors.
“The Hobart residential market has achieved some of the strongest capital growth in Australia over recent years and the retail and commercial sector is now well positioned to follow,” he says.
This article from The Mercury originally appeared as “Former Coogans Hobart and Moonah sites set to change hands after total $13 million sales”.
