Hobart's historic waterfront precinct is the foundation of a new investment opportunity which has come on the market.

The Telegraph Hotel, on the corner of Morrison Street and Brooke Street, is for sale, offering the chance to write a new chapter in the venue's rich history. 

Hotel Banc Group has a lease on the property which will expire in 2021 or 2025 if they exercise their option, after which the owner is free to take full advantage of the mixed-use zoning.

At a glance: 

• The Telegraph Hotel on Hobart's waterfront precinct is for sale by tender.
• The venue has been trading successfully under the one family ownership since 1993.
• There is a lease expiry in 2021 or 2025 if the tenant exercises the option, offering the opportunity for redevelopment.

Cobra International Director Brendon Bourke, who has owned the pub with his brother Stephen since 1993, said whilst acquisition of the Telegraph Hotel would result in an immediate and strong cash flow, its location and proximity to the historic Hobart waterfront provided an "extraordinary opportunity" to undertake future development of the site for a range of uses.

"The Telegraph Hotel is the last unencumbered re-development site on one of the world's great waterfront precincts," he said.

"It has a guaranteed cashflow from a strong tenant with minimum annual 4 per cent rent increases and potential for future gaming machines with changes to poker machine rules coming in 2023”.

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An artist's impression of what the site could look like if developed-subject to Council approval. Source: Cumulus Studio

"The site also has the potential to suit a range of uses, including retail; hotel and serviced apartments; food and hospitality; and luxury apartments (subject to Council approval).

"This is the first time the Telegraph Hotel has been offered for sale in twenty-seven years in a tightly-held market”.

Originally established as Electric Telegraph Hotel in 1858, before being renamed as the Telegraph in 1877, the venue had to be rebuilt following a fire in circa 1939 and was renamed around 1993 as the Brooke Street Bar and Café.

It reverted back to The Telegraph Hotel in the early 2000s and has been trading successfully under the one family ownership since 1993. 

The property is offered for Sale by Tender by Warrick Hobart from NAI Harcourts Hobart.

The Tender closes at 5.00 pm on Friday, 27 March 2020.

Click here for more information about the property.

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