The site of Launceston’s unique Morty’s Complex convenience and food-based retail hub in the CBD has been listed for sale for the first time.
The 4,433sqm landholding at 25-31 Wellington Street consists of three precincts, including a heritage-listed, two-storey terrace building, and features a GLA of 1,358sqm and 27 car parks.
A BP service station is the major tenant, accompanied seven tenancies on the forecourt, including Subway and Morty’s Newsagency with an Australia Post, and a further 11 within the foodcourt.
Billed as ‘a total dining experience’ and the brainchild of the late Mort Douglas, the dining precinct opened in 2000 and is still known as one of Launceston’s few food hubs that’s open late-night all week.
Wellington Street is one of Launceston’s busiest roads, with three lanes connecting the northern and southern suburbs.
Morty’s Complex occupies a prominent corner block with Brisbane Street, for a combined frontage of 142m, with additional access via York Street.
CBRE’s Josh Scapolan and Lee Holdsworth, and Rob Dixon from Knight Frank have been appointed to manage the sale campaign, with Expressions of Interest invited by November 15.
“Morty’s Complex is well-known to locals, and a rare opportunity to acquire prime real estate in the heart of the tightly-held Launceston CBD,” Mr Holdsworth said.
Mr Scapolan added: “The property occupies a high-profile corner site in a growing city with a strong tourism market, and offers an opportunity to restructure the current foodcourt model allowing for a stronger net position.”
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