Parliament Square, Hobart, Tasmania – Sold
On behalf of our vendor, Trawalla Group, CBRE as exclusive agent is pleased to officially announce the sale of Parliament Square in Hobart to Spirit Super for $338,000,000. The sale is the largest real estate deal ever concluded in the state of Tasmania.
Parliament Square, developed by Citta Property Group, features a mixed-use asset comprising office, hotel, retail and car parking components which was completed in late 2021. The c16,300sqm FJMT designed office component and associated car bays is leased to the Tasmanian State Government on multiple leases until 2037 and is one of the finest architectural examples in the Hobart CBD. The Hotel component remained under construction for the entirety of the sales campaign and was completed and subsequently opened in December 2021. Designed by Joseph Pang Design, the 152 room hotel blends a series of old historic buildings with a new, modern structure and is the first ‘Luxury Collection’ hotel to be opened in Australia by the Marriott Group. The hotel was sold subject to a 15 year management agreement. The sale also included some 630sqm of retail tenancies which are located within a central Plaza on site.
Despite the campaign being undertaken at the height of the Covid-19 pandemic with the majority of states in lockdown, the campaign program recorded exceptionally strong interest from domestic and international purchasers with four parties invited to participate in a second and final round of bidding. Only the smallest of margins separated the top three bidders which reinforces the strength of interest for high quality, long leased assets.
