The University of Tasmania (UTAS) has made a strategic decision to sell a significant asset in Hobart’s CBD.

Originally acquired in March 2018 for student accommodation purposes, the landmark property at 96 Bathurst Street is now being offered for sale as an investment opportunity through Knight Frank’s John Blacklow and Scott Newton.

Mr Newton said the asset is situated in the heart of Hobart's bustling CBD and boasts a strategic location and a diverse range of tenants, making it an attractive investment prospect.

The hotel was acquired in March 2018 for student accommodation, however since the pandemic the property was not required for that purpose.

The fully leased building is occupied by Vision Hotels and smaller retailers including Cool Wines bottleshop.

John Blacklow added, “Originally purchased with 101 rooms, UTAS undertook significant redevelopment efforts to expand the property's capacity In 2019, UTAS completed the addition of 21 new rooms on the 7th floor, bringing the total to 122 rooms. This substantial expansion enhances the property's value proposition for potential investors seeking to capitalise on the burgeoning hospitality market in Hobart.

96 Bathurst Street is one of the largest accommodation properties in Hobart, commented, Scott Newton.

The property features new sprinkler system throughout, on site parking for 41 vehicles and a great CBD location with frontage to three streets.

Set on a substantial 1,813 square metre site, the property's prime location at the corner of Elizabeth Street, Criterion Street, and Bathurst Street positions it within Hobart's vibrant retail and banking precinct. Surrounded by renowned national and international brands, the property offers unparalleled visibility and accessibility, further enhancing its investment appeal.

The fully leased property, coupled with its strategic location and potential for further development, presents an exceptional opportunity for investors seeking to enter or expand their presence in Hobart's hospitality sector.

The immediate area has historically been a mixed use precinct that has seen significant development in recent years. UTAS has been central to this expansion with its increasing presence within Hobart’s CBD with its relocation from its Sandy Bay campus.

The current demand for inner city living and lack of supply has resulted in considerable capital and rental growth in recent times. Hobart is experiencing national leading growth and this is forecast to continue for some time as the city continues to transition into a more modern day 24/7 city.

Knight Frank is selling the property via Expressions of Interest closing Thursday 16th May, 4pm (AEDT).