Mowbray retail buildings for sale after long-term owner decides to sell

Published 31 January 2025

The agent selling three large retail buildings in Mowbray says he has been "inundated" with calls since they hit the market last week.

All three properties were bought by the same owner between 2006 and 2009.

Noodle Box Mowbray, Invermay Road. Picture supplied

Together, the properties are currently comprised of 13 tenancies including Curry House, Bento Box and Noodle Box.

Shepherd and Heap's Blake Shepherd said many of the current tenants had been there for more than a decade.

"A lot of those tenants are very long-standing occupants. There're a few of them that have been there for about 15 years each," Mr Shepherd said.

He said the seller had simply reached the "end of their investment journey".

"They've been long-term investors ... so they're divesting of the assets and ceasing to be commercial owners," Mr Shepherd said.

"We have been inundated with enquiry. There're multiple offer documents out for the various properties, so we really don't anticipate that they will last long."

Owner Mike Wood tells the story of Gourlay's, a Launceston sweet shop dating back to 1896. Video by Phillip Biggs

Mr Shepherd said the Mowbray retail strip was the second strongest in Launceston's satellite suburbs, only behind Kings Meadows.

The three properties on Invermay Road - 393A-393B, 268-270 and 264 - are all close in proximity and are surrounded by businesses such as Coles, Woolworths, Ampol and Chemist Warehouse.

"They all display a risk spread strategy where there're multiple tenancies, so if you had a vacancy, you would still receive income from the other tenancies," Mr Shepherd said.

"From that point of view, they're very attractive to general commercial investors that are looking to place funds."

Three properties on Invermay Road in Mowbray - 393A-393B, 268-270 and 264 - are on the market. Picture supplied

They are also less than 500 metres from the $43.6 million Northern Suburbs Recreational Hub, which is expected to be opened mid to late 2025.

Mr Shepherd said many potential buyers have looked at acquiring two of the properties together, while a separate buyer for 393A-393B Invermay Road is most likely.

393A-393B Invermay Road, Mowbray is on the market for $1,285,000. It is currently split into four tenants to spread investment risk.

The guiding prices for 268-270 and 264 Invermay Road are $2.3 million and $1.5 million respectively.

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