SOLD
Sold on 01 May 2024 for $7,700,000

48-50 New Town Road
New Town TAS 7008

Bedrooms: -
Bathrooms: -
Car spaces: 60
Floor area: 1400m2
Land area: 1533m2
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Property Details for 48-50 New Town Rd, New Town

Building Type
Commercial
Year Built
1971
Floor Size
1400m2
Land Size
1533m2
Local Government
Hobart
Lot/Plan
1/198029

Last Listing description (August 2015)

This large and well positioned site of approximately 7,282 m2 presents a great opportunity for the astute property investor or developer. The property provides excellent street frontage and rear street accesses.
The two existing and separate buildings include offices, workshops, storage as well as studio accommodation with approximately 60 parking spaces on site.
Zoned Commercial and Residential Precinct 16B under the Hobart Planning Scheme 1982, a number of potential uses may be possible subject to council approval including re-use, refurbishment or redevelopment of the existing improvements with an approximate total area of 3,400 m2.

The zoning allows for mixed use development which could suit a mix of medium density residential, office and retail/showroom, subject to Council approval.

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Property History for 48-50 New Town Rd, New Town, TAS 7008

A timeline of how this property has performed in the market
Last Sold
$7,700,000
01 May 2024
  • 01 May 2024
    Sold for $7,700,000
  • 06 Jul 2022
    Sold for $6,000,000
  • 13 Apr 2015
    Sold for $725,000
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About New Town 7008

The size of New Town is approximately 4 square kilometres. It has 8 parks covering nearly 9.3% of total area. The population of New Town in 2011 was 5,968 people. By 2016 the population was 6,109 showing a population growth of 2.4% in the area during that time. The predominant age group in New Town is 30-39 years. Households in New Town are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in New Town work in a professional occupation. In 2011, 58.2% of the homes in New Town were owner-occupied compared with 57.4% in 2016.

New Town has 3,096 properties. Over the last 5 years, Houses in New Town have seen a 24.68% increase in median value, while Units have seen a 16.33% increase. As at 28 February 2025:

  • The median value for Houses in New Town is $809,523 while the median value for Units is $492,450.
  • Houses have a median rent of $580 while Units have a median rent of $455.
There are currently 15 properties listed for sale, and 4 properties listed for rent in New town on OnTheHouse. According to CoreLogic's data, 97 properties were sold in the past 12 months in New town.

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