_Long WALE Government investment hits the market in Hobart

Hobart, Australia – A modern and high-quality office/warehouse facility in Hobart, fully leased to the Tasmanian State Government, is up for sale.

The property at 89 Cambridge Park Drive in Cambridge is only 10 minutes east Hobart’s CBD within an established government and commercial precinct close to Hobart International Airport and the rapidly expanding Eastern Growth Corridor.

The building is 100 per cent leased to the State Government across two major departments, delivering a weighted average lease expiry (WALE) of 10 years. The Department of Health (represented by Ambulance Tasmania & Care@Home) occupy 68% and the Department of Justice (Worksafe & CBOS) occupy 32%, providing investors with secure, non‑discretionary income underpinned by essential public services.

Constructed in 2008, the modern single‑level property comprises 6,897sq m lettable area, including 5,910sq m of light‑filled office space and an adjoining 987sq m warehouse, supported by 163 on‑grade car parks and landscaped surrounds. The improvements sit on a substantial 28,080sqm corner site with high exposure.

The property is being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Tom Ryan and Trent Preece in conjunction with Scott Newton and Richard Steedman of Elders Commercial.

Price expectations are in the high $20 million range.

Knight Frank’s Tom Ryan said the property presented a highly defensive investment opportunity in one of Australia’s tightest office markets.

“This is a compelling government‑backed investment offering long‑term income security in a market where vacancy is among the lowest in the country,” he said.

“With Tasmania continuing to experience constrained office supply and strong demand for quality accommodation outside the CBD, assets like this are exceptionally tightly held.

“The property has been purpose‑fitted by the occupiers, with significant tenant capital investment and further benefits from low historical and forecast capital expenditure requirements, which will be another drawcard for investors.”

Elders Commercial’s Scott Newton said the scale of the site and strength of the covenant set the property apart, along with the location in southern Tasmania’s growth corridor.

“Investors are responding strongly to assets with long WALE profiles and genuine tenant covenants, particularly where future competition is limited,” he said.

“The Cambridge precinct has established itself as the state’s primary government and commercial precinct outside the CBD, underpinned by strong connectivity, proximity to the Hobart International Airport and a concentration of nearby major industrial and retail occupiers.”

The Expressions of Interest campaign for 89 Cambridge Park Drive, Cambridge will close at 12pm (AEST) on Friday, May 29.

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For further information, please contact:
Vanessa De Groot – Marketing & Communications, Knight Frank
Vanessa.degroot@au.knightfrank.com +61 410 460211

Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, the Knight Frank network has 600+ offices across more than 50 territories and more than 20,000 people. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Firm, please visit www.knightfrank.com.