CADRE has completed its $15.5 million large format retail centre at 7–9 Finlaysons Way, Devonport, with the asset now fully leased to national retailers Total Tools, RSEA Safety and Barbeques Galore on long-term 10-year leases.
The 3,400sqm centre marks CADRE’s first completed project in Tasmania and will be retained by the Tyas Family Office as a long-term income-producing investment, reflecting the group’s continued confidence in regional large format retail markets.
Positioned within Devonport’s expanding retail and infrastructure corridor, the centre is anchored by Total Tools (1,550sqm), RSEA Safety (1,050sqm) and Barbeques Galore (800sqm), with leasing managed by CBRE and construction delivered by Tasmanian builder Oliver Kelly Construction.
The Devonport catchment continues to benefit from significant infrastructure investment, including TasPorts’ $240 million Quaylink port redevelopment and the introduction of larger Spirit of Tasmania ferries, expected to increase freight capacity by 40 per cent and bring an additional 160,000 passengers through Devonport annually.
Nick Tyas, Founder and Director of CADRE said the completion represented an important milestone for the group’s expanding national large format retail portfolio.
“Devonport is a project we believed in from day one. Securing three of the country’s strongest large format retailers before construction commenced was a strong endorsement of both the asset and the broader region,” Mr Tyas said.
“Holding the centre as a long-term investment reflects our continued confidence in regional Tasmania and our focus on building a portfolio of high-quality, income-producing retail assets backed by strong national tenants.”
The completion follows strong momentum across CADRE’s national large format retail pipeline, with construction of the group’s fully leased $75 million Grafton Lifestyle Centre in New South Wales now well advanced and on track for completion in October 2026.
CADRE continues to pursue further large format retail opportunities nationally, with the group actively seeking strategic acquisition and redevelopment opportunities across Australia.
For more information please visit: https://cadre.com.au/developments/large-format-retail-devonport/.
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