We are pleased to present to the market a landmark Hobart office building, "RACT House", in what is Australia's tightest capital city office market. According to the Property Council of Australia (PCA) Office Market Report 2024, Hobart's office market has a vacancy rate of only 2.8% with no new supply under construction.
The property occupies a high profile corner position within the north western section of Hobart's CBD. It is one of Hobart's newer office buildings having only been constructed in 2010 and provides a high quality, modern "A" grade standard of office accommodation and has a Net Lettable Area of 5,043 sqm and a site area of 2,652 sqm. The property has a NABERS rating of 3.5 stars. The property has an abundance of car parking with approximately 75 bays with 51 secure basement car parks and 24 surface car parks.
It is 100% leased to high quality tenants, the RACT and leading law firm Page Seager Lawyers who have occupied the property since it was constructed. The property is securely let and currently has a Weight Average Lease Expiry (WALE) of approximately 9.6 years.
The property is offered for sale via Expressions of Interest, closing 4 pm (AEST) 23 May 2024.
