Tyas family’s Cadre completes maiden Tassie project
The Tyas Family Office backed Cadre has completed its maiden Tasmanian project – a large format retail complex near Formby Road and the Spirit of Tasmania terminal, at Devonport.
The 3400 square metre centre at 7-9 Finlaysons Way was fully pre-committed before construction started in mid-2024.
The site historically accommodated a foundry operated by the Finlayson Brothers.
Cadre secured a redevelopment permit in 2023.
Oliver Kelly Constructions was the builder.
The Three tenants each signed 10 year leases – Total Tools for 1550 sqm, with RSEA Safety and Barbecues Galore each occupying 1050 sqm.
CBRE was the leasing agency.
More to come
The end value of the Finlaysons Wy project is $15.5 million (continues below).
Cadre will now pursue other Tasmanian sites for large format retail projects for the Tyas Family Office.
“The Devonport catchment continues to benefit from significant infrastructure investment, including TasPorts’ $240 million Quaylink port redevelopment and the introduction of larger Spirit of Tasmania ferries, expected to increase freight capacity by 40 per cent and bring an additional 160,000 passengers through Devonport annually,” Cadre founder and director, Nick Tyas, said.
“The completion represented an important milestone for the group’s expanding national large format retail portfolio,” according to the executive.
“Devonport is a project we believed in from day one…securing three of the country’s strongest large format retailers before construction commenced was a strong endorsement of both the asset and the broader region,” he added.
“Holding the centre as a long-term investment reflects our continued confidence in regional Tasmania and our focus on building a portfolio of high-quality, income-producing retail assets backed by strong national tenants”.
The group is also developing the Grafton Lifestyle Centre in New South Wales’ Northern Rivers region, expected to be worth c$75m upon completion.
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