Government backed Hobart warehouses collect $5.7m
A Mornington industrial investment backed by three state government departments sold at auction last week.
The $5.705 million result for 132 Mornington Road reflects a 5.22 per cent net passing yield.
The departments of Natural Resources & Environment, Police and Fire & Emergency each occupy a freestanding warehouse.
All up there’s 2654 square metres, with leases expiring between 2029-2037 with options, and 17 car parks.
About 5000 sqm of the 1.23 hectare block can be developed now.
Local, mainland and institutional investors looked in, according to Burgess Rawson for CBRE’s Matthew Wright, George Wilkinson and Mark Foster, who marketed 132 Mornington Rd with Elders’ Scott Newton and Richard Steedman.
Mornington is about seven kilometres east of Hobart’s CBD.
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