OFF MARKET

89 Cambridge Park Drive
Cambridge TAS 7170

Bedrooms: -
Bathrooms: -
Car spaces: 163
Floor area: 5833m2
Land area: 28080m2
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Property Details for 89 Cambridge Park Dr, Cambridge

Building Type
Commercial
Year Built
2008
Floor Size
5833m2
Land Size
28080m2
Local Government
Clarence
Lot/Plan
5/154187

Last Listing description (May 2019)

Knight Frank and JLL are pleased to offer for sale 89 Cambridge Park Drive, Cambridge Park, Tasmania for Sale by Expressions of Interest.
The property comprises a high quality, substantial commercial complex with a single level 'A' grade office building (approx. 5,825 sqm) constructed circa 2008 plus a separate warehouse/store (approx. 1051 sqm) and approximately 163 car parking bays. The property has a strong lease covenant with a 16 year lease from April 2008 to Tasmanian Government Business Enterprise (GBE), the Hydro Electric Corporation.
The property is strategically located with a large, level, high profile site within the rapidly developing area of Cambridge, approximately 10 minutes east of Hobart's CBD, adjacent to Hobart's only homemaker centre and within proximity to Hobart's airport.

Key Investment Highlights Include:
- Modern 'A' grade office building and store with a NABERS rating of 4 stars
- Fully leased to Tasmanian Government Business Enterprise (GBE), the Hydro Electric Corporation (Hydro Tasmania)
- Secure cash flow with a Current Net Income of $2,852,119 pa (approx)
- WALE of 5.5 years (approx)
- Situated in a rapidly expanding commercial precinct within Hobart's eastern growth corridor with easy access
- Strong and growing Tasmanian economy as it has transitioned towards higher order service industries and premium products with global recognition, which is having a significant positive impact on its property market.
89 Cambridge Park Drive, Cambridge, Tasmania is being offered for sale in conjunction with 7 Laffer Drive, Bedford Park, South Australia. The assets may be acquired together or individually. 7 Laffer Drive is leased to Westpac with a new 7 year lease expiring in 2025. Total portfolio income is approximately $4.6 million with a portfolio WALE of approximately 6 years.
Please contact the agents for further information.

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Property History for 89 Cambridge Park Dr, Cambridge, TAS 7170

A timeline of how this property has performed in the market
Last Sold
$25,000,000
12 Feb 2019
  • 12 Feb 2019
    Sold for $25,000,000
  • 07 Nov 2018
    Listed for Sale Expressions of Interest
  • 08 Jul 2008
    Sold for $3,176,000

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About Cambridge 7170

The size of Cambridge is approximately 50.1 square kilometres. It has 9 parks covering nearly 15.9% of total area. The population of Cambridge in 2011 was 747 people. By 2016 the population was 1,124 showing a population growth of 50.5% in the area during that time. The predominant age group in Cambridge is 50-59 years. Households in Cambridge are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Cambridge work in a professional occupation. In 2011, 84.1% of the homes in Cambridge were owner-occupied compared with 85.5% in 2016.

Cambridge has 1,285 properties. Over the last 5 years, Houses in Cambridge have seen a 44.24% increase in median value, while Units have seen a 31.24% increase. As at 31 August 2024:

  • The median value for Houses in Cambridge is $853,748 while the median value for Units is $546,488.
  • Houses have a median rent of $498.
There are currently 16 properties listed for sale, and 10 properties listed for rent in Cambridge on OnTheHouse. According to CoreLogic's data, 40 properties were sold in the past 12 months in Cambridge.

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