Trawalla Property is looking to cash in a substantial mixed-use development it is close to completing in central Hobart, with price expectations in excess of $300 million.
Parliament Square, which covers a 7700sq m city block, is set above Salamanca Place—overlooking Hobart’s Sullivan’s Cove and Franklin Wharf, and includes two office buildings, a five-star hotel and ground floor retail.
The development, built over seven years, has taken shape around an assortment of heritage buildings, including the Georgian-style St Mary’s Hospital originally constructed in 1847.
It has been completed in stages, with the main office building, known as the Salamanca building, now occupied by the state government.
The FJMT-designed office building, completed in late-2017, has 16 years left on its lease while the podium workplace, due for completion this year, has a 20-year lease. Combined they offer 17,300sq m of lettable space.
▲ The hotel and office development is one of the Schwartz family’s largest projects.
The 152-room Tasman Hotel, which will be managed by Marriott and become part of its Luxury Collection, is due to reach practical completion by the end of 2021.
The new hotel will retain original period features and incorporate local artworks as well as promote Tasmania’s growing whiskey industry with its own whiskey bar.
It will be the city’s first five-star luxury hotel since the Henry James Art hotel opened in 2004.
Trawalla Property, a subsidiary of Trawalla Group headed up by Melbourne couple Carol and Alan Schwartz, has in conjunction with Citta Property Group and Qualitas been responsible for the delivery of the commercial and hotel development.
The high-profile Schwartz family are powerful players across development, finance and publishing.
Carol Schwartz is the daughter of retail and property magnate Marc Besen and sits on the board of ASX-listed company Stockland Group as a non-executive director as well as the Reserve Bank.
Schwartz and husband Alan’s property interests include the Qualitas real estate financier and investment manager, while Trawalla Property has ownership stakes or management interests the Rydges Hotel at Mount Panorama.
The Schwartz family has offered Parliament Square for sale via an international expression of interest campaign through CBRE.
CBRE’s Mark Granter said the quality of the asset and the government tenancy covenant of 16 years would “attract widespread interest from some of the largest local and international players in the market”.
The transaction, if realised, will be the biggest commercial property sale in Tasmanian history, Granter said.
Article Source: www.theurbandeveloper.com