Time called on Tasmania’s prime Coogan’s properties

News Corp Australia

First published 04 April 2019, 11:43am

The Coogans site in Hobart, centre, which hits the market today. It is expected to fetch as much as $6 million. Picture: SUPPLIED

Two prime retail properties in greater Hobart are expected to fetch a total of up to $15 million as part of an international marketing campaign.

Colliers International and PRD Nationwide have been appointed to sell the Hobart and Moonah properties that were home to furniture and electrical retailer Coogans.

The sites go on the market today.

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The Mercury revealed last month the retail institution of 143 years would close down at the end of June.

Current chief executive Chris Brown is the great-great-grandson of William Coogan, who established the family business in Launceston in 1876.

At the start of the year, the business was consolidated to the Moonah store when the Hobart city store closed down after more than 100 years of trading in Collins St.

Coogans opened a furniture factory in Hobart in 1903 and began offering a payment plan for the purchase of furniture, which has been a feature of the business ever since.

In 1912, Coogans opened its Collins St showroom.

The Coogans showroom in Brisbane St, Launceston, in 1886.

Coogans’ Launceston store closed in 1978.

Chairman John McClea had said after a two-year evaluation process, it was not viable to continue in a “highly competitive and challenging retail market”.

Colliers International’s Matt Stagg and Tony Collidge from PRD Nationwide say they are expecting the Hobart building to sell for $5 million to $6 million and the Moonah site for $8 million to $9 million.

“The international expressions of interest campaign is expected to generate strong interest from interstate and international buyers,” Stagg says.

“These are two absolute prime retail investment or owner-occupier opportunities with excellent future development potential.”

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Collidge says investors are recognising the value and capital growth potential of Hobart retail and commercial properties in comparison to Sydney, Melbourne and Brisbane.

The properties are being offered for sale via international expressions of interest closing on May 9.

The Hobart site hits the market at the same time as two other significant sales opportunities in the CBD — the Tilford Auto Group site in Brisbane St and the K&D Warehouse Melville St site.

This article from The Mercury originally appeared as “Coogans’ Hobart and Moonah sites expected to fetch up to $15 million”.

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