Fragrance Group enters contract to buy University of Tasmania’s Conservatorium of Music building

SINGAPOREAN developer Fragrance Group has moved to add another prime Hobart location to its property portfolio.

Scott Newton and Hayden Peck, from Knight Frank, who were given the task of selling the Conservatorium of Music building on Sandy Bay Rd. Picture: LUKE BOWDEN

SINGAPOREAN developer Fragrance Group is looking to add the University of Tasmania’s conservatorium to its expanding portfolio of prime Hobart real estate.

The company has entered a contract with UTAS to buy the site, which overlooks St David’s Park.

It had been expected to sell for about $10 million. The site includes the main conservatorium building on Sandy Bay Rd, a warehouse, three brick buildings on Heathfield Avenue, three heritage-listed conjoined cottages on Wilmot St and a communications tower.

UTAS confirmed an offer for the conservatorium site had been accepted and a contract had been signed by Fragrance Group.

UTAS will lease the conservatorium for the next three years until the $96 million Hedberg performing arts centre, near the Theatre Royal, is completed.

Tourism Industry Council Tasmania chief executive Luke Martin said Hobart was in need of more high-end hotels — such as those previously proposed by Fragrance Group — to enable Tasmania to position itself as a premium destination.

Fragrance Group is also behind proposals for a 126m-high, 400-room hotel on Davey St and a 83m, 495-room hotel in Collins St.

The proposals have provoked significant public opposition in recent weeks.

Greens leader Cassy O’Connor hoped the plans for the conservatorium would not include another “off-the-plan” skyscraper, and said Fragrance Group should involve local residents in the discussion.

“Good on the Fragrance Group for choosing to invest here but Hobartians need to have a say in the future of their city,” she said.

Hobart Lord Mayor Sue Hickey said the company seemed to have “a fairly aggressive strategy for building their Hobart property holdings”.

Shadow Treasurer Scott Bacon said the property had enormous economic potential, and Fragrance Group’s investments were welcomed.

Fragrance Group’s first Hobart hotel — a $35 million building on Macquarie St — is expected to open next month, operated by the Ibis Hotels group. Fragrance Group was contacted for comment.