Margate Train for sale: Knight Frank selling Tasmanian tourist attraction, land
Beloved tourist attraction The Margate Train and its carriages of shops and food outlets has hit the market, expected to fetch a multimillion-dollar sale price. DETAILS >>
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BELOVED tourist attraction The Margate Train and its suite of shops and food outlets has hit the market, expected to fetch a multimillion dollar sale price.
Knight Frank is selling the “iconic opportunity” by expressions of interest closing March 23.
“The word landmark is often used in the marketing of property, but rarely is it as accurately applied as it can be to the Margate Train,” the agents say.
“This is so much more that a simple retail investment, it is a much loved tourist attraction, a community hub, a playground for children and a rewarding lifestyle experience for the proud owners.”
Currently fully leased to 12 separate tenants (including a bank of 13 shipping containers) The Margate Train provides an eclectic retail offering featuring the famous Pancake Train restaurant, lolly shop and antique emporium, among others.
An Information Memorandum on the 7756 sqm property and accompanying details from the agent states: “regarding price, whilst it is early in the campaign the market is talking upwards of $4.5 million showing a circa 7.5% yield”.
The Tasman Limited — now known as The Margate Train — made its final rail journey on July 28, 1978.
The steel and galvanised iron loco was built in England in 1950 and served as a passenger service between Hobart and Launceston until it retired. The train comprises an older style steam locomotive engine, together with eight independent carriages.
The rear carriages have been converted to retail and food and beverage tenancies (some which have been on site for more than 15 years) including:
- Carpet Junction
- Beds R Us
- Pancake Train
- M.T Traders antique dealer
- Biltong food outlet
- Choo Chews lolly shop
- Little Wing homewares and bric-a-brac
- Faerie Shop
- Barber shop
- Urban Liberty fashion retailer
- Gozleme Kebab food truck
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