University of Tasmania extends property portfolio with $9m purchase of Freedom Furniture building

The University of Tasmania’s expansion plans for an inner-city campus have taken another step with a $9m deal to purchase yet another building in Hobart’s CBD.

THE University of Tasmania is continuing its strategic buy-up of central Hobart properties, signing a $9m deal to take over the Freedom Furniture building in Brisbane St.

The purchase is due to settle in September although the furniture retailer is expected to keep trading in the city for a further 12 months, until the lease expires in September 2022.

The sale of 80 Brisbane St is a key aspect of the University of Tasmania’s plans for an inner-city campus.

An urban design framework – containing design principles and a masterplan for the future campus – will be shared with university staff and the broader community on May 17.

A UTAS spokesperson said the owner of the building approached the university earlier this year to gauge interest in the property.

Using its funding for southern infrastructure, the university agreed to buy the building for $8.99m.

UTAS splashes the cash in CBD property buying spree

In 2019, the university purchased the former Forestry Tasmania building in Melville St, which adjoins 80 Brisbane St at the rear, for a reported $15m.

“The Forestry building and 80 Brisbane Street are actually a single structure,” the UTAS spokesperson said.

“Bringing the two parts of the building back into single ownership makes the adaptations needed to create high-quality spaces for staff and students much easier and eliminates risk down the track that may arise when two titles share the one structure.

“When we looked at the opportunity, there were compelling reasons about why it would be a valuable part of a future campus footprint.”

The Freedom store in Brisbane Street, Hobart. Picture: Nikki Davis-Jones

Freedom Hobart franchise owner Tony Sheppard said he and his wife Carol had operated the furniture and home goods store in Brisbane St for 24 years.

He said Freedom’s head office had indicated it would look for new premises when the current CBD lease expires in September 22, 2022.

But it is unlikely Mr Sheppard will make the move to a new outlet.

“I’m going to retire,” he said.

“I’ll stay and help with the transition to a new store. We have staff here that have been with us for more than 20 years and they’ve been amazing, so I really want to see them into a new home before I go.

“But after that, it just seems like the right time that someone else will take it on.”

Mr Sheppard said he looked back fondly on his time in the industry.

“We first fitted the shop out in 1997. We’ve had customers who were young babies in prams when they first came in here and now they are shopping here with their children. It’s been a long, long time.”

UTAS has an expanding property portfolio in the city which includes the Fountainside Hotel, MidCity Hotel and land in Melville St which is being developed for student accommodation.

The future use and time frame for the UTAS development of the Forestry building and 80 Brisbane St will be shared as part of the launch of the masterplan on May 17.