17 Morrison Street, Hobart, Tasmania
Quality Apartments on the Hobart Waterfront
SOLD
Business Description
- 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 coverted from offices to 12 luxury apartments; 6 x one bedroom, 5 x two bedroom and a three bedroom penthouse with 180 degree views.
- Accommodation is spread over 3 floors plus 2 levels of car parks.
- Total floor area is 300sqm per floor (900sqm of accommodation).
- Apartments are under a current Management Agreement with Sullivans Cove Apartments. Trading history dates back to 2013 and has shown consistent year on year revenue growth.
- 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.
- The property and business can be bought as either a passive investment with management in place or alternatively to own and operate.
- Annual revenue is $960,899 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.
Business Summary
Key Investment Insights
1. Historic landmark building with a rich history and heritage value.
2. Prime waterfront location in Hobart, close to popular tourist attractions.
3. 12 luxury apartments, including a penthouse with stunning views.
4. Spread over 3 floors with 2 levels of car parks.
5. Total floor area of 900sqm, with each apartment averaging 300sqm.
6. Current Management Agreement with Sullivans Cove Apartments, providing consistent year on year revenue growth.
7. Superbly designed apartments that blend historic features with modern amenities.
8. Luxurious fit-outs with king beds, full kitchen and laundry facilities, and spacious living areas.
9. Option to purchase as a passive investment with management in place or to own and operate.
10. Annual revenue of $960,899 with high net profit.
11. Recently approved strata title, allowing for individual sale of apartments for permanent residential occupation.
12. Potential for further growth and expansion through marketing and promotion.
