17 Morrison StreetHobart TAS 7000
Property Details for 17 Morrison St, Hobart
Last Listing description (August 2019)
INVESTMENT SALE:
Gibson's Mill is a historic landmark. Built Circa 1860 as Hobart's predominant waterfront flour mill, the building was owned and operated by the Gibson family for over 100 years.
In 2010 the building was converted from offices to 12 luxury apartments; 6 x one bedroom, 5 x two bedroom and a three bedroom penthouse with 180 degree views.
Total floor area is 300sqm per floor (900sqm of accommodation).
Located in the restored Gibson's Flour Mill building only a stone's throw from the docks and Salamanca Place; and opposite the ferry terminal which takes tourists to the wold class MONA museum.
The apartments have been superbly designed to incorporate many features of the historic mill within a modern apartment.
All of the apartments have luxurious fit-outs including king beds, full kitchen and laundry facilities, large living areas and decor.
Annual revenue is $906,224 with a very high net profit.
Council has recently approved a strata title of the complex whereby the 12 apartments could be sold individually and used for permanent residential occupation.
The Sullivan's Cove Waterfront area is Tasmania's strongest investment market.
Annual rent of $460,000 (plus GST) will provide a net yield of 6%.
Property History for 17 Morrison St, Hobart, TAS 7000
- 03 Jul 2019Sold for $7,650,000
- 10 Apr 2018Listed for Sale Freehold with Business - for sale by offer
- 15 Jun 2017Listed for Sale EXPRESSION OF INTEREST
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0About Hobart 7000
The size of Hobart is approximately 2.1 square kilometres. There are 10 parks, covering nearly 4.8% of the total area. The population of Hobart in 2016 was 2296 people. By 2021 the population was 3390 showing a population growth of 47.6% in the area during that time. The predominant age group in Hobart is 20-29 years. Households in Hobart are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Hobart work in a professional occupation.In 2021, 27.40% of the homes in Hobart were owner-occupied compared with 26.40% in 2016.
Hobart has 3,094 properties. Over the last 5 years, Houses in Hobart have seen a -0.28% decrease in median value, while Units have seen a -2.34% decrease. As at 30 June 2026:
- The median value for Houses in Hobart is $1,042,791 while the median value for Units is $768,476.
- Houses have a median rent of $690 while Units have a median rent of $650.
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