Sprint Super acquires $330m Parliament Square Hobart

Spirit Super has acquired the Parliament Square mixed-use precinct in Hobart for around $330m from the Schwartz family.

The precinct includes the 17,300sqm office which is leased to the state government until late 2037 and the 152 room Tasman Hotel, managed by the Marriott Group.

The project was developed by Trawalla Group, the family office of the Schwartz family, in conjunction with Citta Property Group and Qualitas.

Spring Super’s Chief Investment Officer Ross Barry said, “Parliament Square is underpinned by strong long-term leases and will deliver enduring benefits to members right here in our own backyard and all across Australia.”

“It’s great to be investing member funds back into their own community and to see the creation of over 100 jobs.”

CBRE’s Mark Granter, Kiran Pillai and Michael Simpson brokered the sale of on behalf of the Trawalla Group while JGS Property assisted Spirit Super.

“The quality of this asset, the government tenancy covenant – which provides a WALE of 16 years – and the inclusion of one of Australia’s best new five-star hotels attracted widespread interest from some of the largest local and international players in the market.

“Despite lockdown restrictions, we were able to work across geographies and asset classes to finalise the largest real estate transaction in Tasmania’s history,” CBRE’s Mr Granter said.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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