For sale signs are about to go up at Hobart’s newest shopping centre after its owner decided now “just feels like the right time to sell” the $40 million development.
Tipalea Partners chief executive Scott Spanton, the developer behind Glebe Hill Village, has announced the shopping centre will hit the market next week.
The decision to sell was made after several approaches over the years and a desire to reinvest in new projects in Tasmania.
“The property is very stable, trading well and the property market is continuing to improve,” Spanton said.
“We’ve got a lot of commitments in Tassie and selling Glebe Hill is a way to recycle funds that we have in it and reinvest it in new centres that we’ve got in the pipeline coming up.”
Spanton says despite the recent rezoning rejection in Devonport, the company remains committed to developing a complex there and another in Kingston, plus at least two childcare centres elsewhere.
“All of which require around about another $100 million worth of funds. And that stuff just doesn’t grow on trees,” he said.
“It’s a good time from that point of view. Good timing,” he said.
The sale campaign will run until mid-November and, subject to receiving the right price, a deal is expected to be reached in early December.
“In Glebe Hill, we’ve been able to create a centre unlike anything else seen before. It’s been our flagship and we’re incredibly proud of it,” Spanton said.
“This will have been almost a 10-year journey. And what a journey it’s been.”
