From National Theatre to retail institution: Launceston icon for sale
Long before it became home to one of Tasmania’s longest-running retail locations, 99-109 Charles Street was where Launceston locals once gathered for live performances at The National Theatre.
Now, the landmark CBD corner-site property is being offered to investors, combining cultural history with secure long-term income and future development potential.
The prominent CBD corner site spans 1600 square metres across three titles, with approximately 80 metres of street frontage at the intersection of Charles and Paterson streets, two of the city’s main thoroughfares.
The property is being offered for sale via an expressions-of-interest campaign through Howell Property Group, with agent Ben Galvin describing early enquiries as encouraging.
“The campaign has only just launched, so it’s still early, but initial enquiry has been encouraging and we expect interest to build as the listing gains exposure,” Galvin said.
What sets the offering apart is not just its scale, but the rare combination of historic significance, prominent positioning and income security.
“The rarity here lies in the combination of attributes rather than scale alone,” Galvin said. “It’s uncommon to find a historically significant property with development potential that is also underpinned by a strong lease and immediate cash flow.”
In its earlier life, the building was home to the National Theatre. This venue helped establish this part of Charles Street as a destination for public gathering and entertainment in Launceston’s early civic life.
Since 1970, the property has been continuously occupied by Foot and Playsted, one of Tasmania’s most enduring family-owned retail businesses, which stands as a testament to both the adaptability of the building and the strength of its location.
Reminders of the building’s past as a popular theatre also remain intact, with the main theatre’s tiered seating and stage now used as a packing area.
The property is leased to Foot and Playsted on a five-year term, with options extending through to 2036, delivering net holding income of $219,000 per annum, with all statutory outgoings and insurance fully recoverable.
Galvin said the offering would appeal to a wide cross-section of buyers.
“I expect the property to appeal to a broad range of buyers, including private investors seeking secure, long-term income, and potentially land-banking or value-add investors attracted by the scale and zoning flexibility,” he said.
The site is zoned Urban Mixed Use, adding a layer of long-term strategic appeal.
“The owners have held the property for several decades and have chosen to sell as part of a planned transition, taking the opportunity to realise value following a long period of stable ownership and performance,” Galvin said.
