Using internal funds, Fragrance Group has completed the acquisition of the property located at 5-7 Sandy Bay Road; 9, 11 & 13 Wilmot Street and 4, 6 & 8 Heathfield Avenue, Hobart, Tasmania, Australia.
With a land area of around 4,868 sq m, the property houses the main Conservatorium of Music building – which is operated by the University of Tasmania and a 1,108 sq m warehouse.
Aside from these, the property also features three brick buildings on Heathfield Avenue, a communications tower and three heritage listed conjoined cottages on Wilmot Street.
Occupying the corner of Wilmot Street and Sandy Bay Road, the property is a short stroll to both the CBD and Salamanca Place – Hobart’s hospitality and entertainment precinct.
“The property is currently zoned “Urban Mixed Use” under the Hobart Interim Planning Scheme 2015,” it said in an SGX filing.
“Under the current zoning, the property can potentially be redeveloped for office, retail, hotel and residential uses.”
Fragrance does not expect the acquisition to materially affect its net tangible assets or earnings per share for the current financial year ending 31 December 2017.
This article was edited by Denise Djong.