Tasmanian waterfront hospitality trophy sold
A trophy property adorning Hobart’s stunning waterfront precinct has a new owner.
No.11 Franklin Wharf, Hobart, the former home of Post St Social and The Observatory, was taken to market by local agencies Elders Commercial and Ray White Commercial Tasmania - alongside specialist national hotel agency, HTL Property.
Together the agencies ran an on-market sale campaign that generated global interest, and multiple prospective purchasers vying to secure the Sullivan's Cove asset.
Agency representatives confirmed that the property had been bought by an interstate-based investor.
Mr Balcombe of RWC advised the purchaser is no stranger to Hobart.
“The successful purchaser holds a number of other interests in Hobart; and has done some great things in the commercial property space before; so it will be exciting to see this next chapter unfold,” Mr Balcombe said.
“The campaign ran for three weeks, rather than four; so it was particularly positive to see new and existing inquiries acting quickly on this irreplaceable waterfront asset.”
“The sale process involved the opportunity being introduced to a national audience of hotel investors and operators, some of which are highly recognisable,” said HTL Property Director, Scott Callow.
“The waterfront location appealed to many groups that have existing waterfront business operations that would sit well in the Hobart market.”
“Along with our locally based colleagues, we were able to activate national interest from industry’s best and brightest operators and investors.”
Mr Burbury said the campaign generated a number of conditional and unconditional offers.
“Unsurprisingly, national and international hospitality businesses expressed interest in the property,” Mr Burbury said.
“A lot of the interest in the asset was on the back of the future $1.13bn Macquarie Point Stadium precinct, with this asset being so close by, just a 500m walk.
“So while there has been turnover in the hospitality space, there are signs of optimism, too” Mr Burbury said.
“In the surrounding area, there is The Tasman’s new Lumina events destination, the Citadines hotel on Elizabeth St Pier, Don Frico in Montpelier Retreat and the Viva Art Lounge next door to Rockwall.
“Gelato Messina is coming to Elizabeth St Pier,” Mr Burbury added.
No.11 was built in the early 1900s and is consequently heritage listed.
Rendering it amongst the most recognisable buildings on the waterfront, opposite the Mona ferry terminal and near Salamanca Market.
“Waterfront properties nationally always enjoy a hugely magnetic investment thesis; and Tasmania’s incredible harbour cities reflect this attraction,” HTL Property CEO, Andrew Jolliffe said.
HTL Property, 21th Aug 2026
