Property portfolio of iconic Tasmanian retailer, Coogans, sold for over $13 million
EXCLUSIVE
Three properties controlled by Tasmanian furniture retailer Coogans, which closed in June after 135 years, have been divested for more than $13 million.
The portfolio includes retail assets at:
- 79-81 Collins Street, Hobart (pictured top and below); and
- 80-82 Main Road, Moonah.
These properties sold following an expressions of interest campaign.
A third property, a historic brewery turned office and retail building at 247 Elizabeth Street, Hobart, traded earlier this year after a private treaty campaign. It was asking $3.5 million.
The three properties were until this year owner-occupied by the family business established by William Coogan in Brisbane Street, Launceston.
Coogans is considered one of the first Australian businesses to offer payment plans.
Its closure this year made 35 people redundant.
“The Coogans portfolio benefits from high quality underlying assets in prime retail locations,” Colliers International director Matthew Stagg said. “Therefore, the campaign generated strong interest from local, interstate and international investors”.
“The Hobart CBD retail and commercial market is now very much on the radar of mainland and international investors,” Mr Stagg said, adding the “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.”
Agent in conjunction, Tony Collidge, the managing director of PRD Nationwide, said Coogan’s Collins Street property sold to an interstate investor “attracted to its prime location in the heart of the Hobart CBD”.
This property is now available for lease.
The Moonah site – five kilometres north of Hobart – is under contract with a local investor and part owner-occupier.
Agency Edwards Windsor marketed the Elizabeth Street property (pictured, below).
