University sells ex-Mitre 10
The University of Tasmania has sold another site until recently earmarked for student accommodation.
The school is understood to be banking just over $30 million for the 1.18 hectare Hobart amalgamation: 103 Melville Street and 159-163 Harrington.
It paid $30m in 2019.
For years before then, the property, with a 6508 square metre showroom, was a hardware store.
Prior to 2015, Mitre 10 was the occupier.
Nowadays it is fit out with a café, gym, basketball courts and cricket pitches.
The site also has c118 car parks.
International student number cap
The property sold to an as yet undisclosed developer set to deliver a landmark project which “will contribute meaningfully to Hobart’s future”.
Zoned Commercial under the Hobart Interim Planning Scheme 2015, residential towers up to 30 metres – or about 11 levels – could be considered.
Six storey buildings are nearby.
Also facing Murray and Brisbane streets, there is 400m road frontage.
The Cat and Fiddle Arcade, Centrepoint Shopping Centre, Parliament Square, hotels, Crowne Plaza, DoubleTree by Hilton, Ibis and RACV, and the Royal Hobart Hospital, are walking distance.
Burgess Rawson from CBRE’s George Wilkinson and Matthew Wright with Ray White Commercial’s Claude Alcorso and Matthew Wallace were the agents.
The deal comes 14 months since we reported the university sold two Hobart hotels, where it also planned accommodation, to Singapore’s Fragrance Group.
The school starting shedding the assets following the federal government capping international student numbers – a decision it said would result in 500 fewer students last year alone.
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