No.89 Cambridge Park Dr, Cambridge. Picture: Supplied

A modern office/warehouse facility in Hobart, fully leased to the Tasmanian State Government, has hit the market.

The high-quality asset’s sale is expected to fetch a price in the high-$20m range.

The property at No.89 Cambridge Park Dr, Cambridge is 10 minutes east of Hobart’s CBD within an established government and commercial precinct close to Hobart International Airport and the rapidly expanding Eastern Growth Corridor.

The building is 100 per cent leased to the State Government across two major departments, delivering a weighted average lease expiry of 10 years.

The Department of Health — Ambulance Tasmania and Care@Home — occupies 68 per cent and the Department of Justice — WorkSafe and CBOS — occupies 32 per cent, providing investors with secure, non‑discretionary income underpinned by essential public services.

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No.89 Cambridge Park Dr, Cambridge.

Constructed in 2008, the modern single‑level property comprises 6897sq m lettable area, including 5910sq m of light‑filled office space and an adjoining 987sq m warehouse, supported by 163 on‑grade car parks and landscaped surrounds.

The property is a 2.81ha corner site with high exposure.

Knight Frank agents Tom Ryan and Trent Preece in conjunction with Scott Newton and Richard Steedman of Elders Commercial, are taking the property to market via an expressions of interest campaign.

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No.89 Cambridge Park Dr, Cambridge.

Mr Ryan said the property presents a highly defensive investment opportunity in one of Australia’s tightest office markets.

“This is a compelling government‑backed investment offering long‑term income security in a market where vacancies are among the lowest in the country,” he said.

“With Tasmania continuing to experience constrained office supply and strong demand for quality accommodation outside the CBD, assets like this are exceptionally tightly held.

“The property has been purpose‑fitted by the occupiers, with significant tenant capital investment and further benefits from low historical and forecast capital expenditure requirements, which will be another drawcard for investors.”

No.89 Cambridge Park Dr, Cambridge.

Mr Newton said the scale of the site and strength of the covenant set the property apart, along with the location in southern Tasmania’s growth corridor.

“Investors are responding strongly to assets with long WALE profiles and genuine tenant covenants, particularly where future competition is limited,” he said.

“The Cambridge precinct has established itself as the state’s primary government and commercial precinct outside the CBD, underpinned by strong connectivity, proximity to the Hobart International Airport and a concentration of nearby major industrial and retail occupiers.”

The EOI campaign will close on May 27.

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An $88m shopping hub with 42 new stores, a full-line Coles and 377 car spaces is set to reshape Werribee’s Riverwalk as infrastructure catches up with housing growth.

An $88m shopping hub is set to bring 42 new stores and a new Coles to Werribee, easing the Watton St parking battle.

Riverwalk Village will span 26,000sq m across two sites, developed by Oreana, at the corner of Newmarket Rd and Princes Hwy, anchored by a full-line Coles supermarket and Liquorland.

The development will include 377 car spaces, aimed at relieving pressure on the busy strip where drivers often circle for up to 15 minutes during peak times.

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Named tenants confirmed to date include Anytime Fitness, Direct Chemist Outlet and Oceana Health, alongside with other food and beverage operators, forming a combined dining, health and day-to-day services precinct for the Riverwalk community.

The project lands in one of Melbourne’s fastest-growing western corridors, where thousands of new homes have been delivered in recent years while retail infrastructure has lagged behind population growth.

Colliers Melbourne project leasing manager Chris McLaren said strong enquiry from operators reflected the scale of the existing catchment surrounding the site and the establishment of a new hub.

Watton St in Werribee, where drivers can circle for up to 15 minutes during peak times as parking pressure builds. Picture: Apple Maps

Riverwalk Village concept showing the 26,000sq m precinct planned.

“Parking in Watton St can be extremely challenging, so delivering a site where people can easily access everyday services without circling for 15 minutes is a major point of difference,” Mr McLaren said.
“It’s more than a shopping destination, Riverwalk Village is a vibrant hub where community and convenience come together.”

He said while Riverwalk was technically a greenfield development, it effectively functioned as infill given the established and expanding population around it.

Oreana managing director Tony Sass said the $88m investment was designed to service a maturing suburb.

Artist impression of the Coles-anchored Riverwalk Village development, set to include 42 specialty stores and dining options.

Concept image of Riverwalk Village, which will feature 377 car spaces aimed at easing Watton St parking pressure.

“This investment reflects our confidence in the continued growth of Werribee and the surrounding catchment,” Mr Sass said.

Early works are already underway, with the centre to be delivered in two stages.
The first retailers are expected to open in the first half of 2027.

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Work has started on Oreana’s $85m Deanside Central, a Coles-anchored shopping centre planned to open in early 2027 in Melton City Council’s booming outer-west growth corridor.

Construction has officially commenced on a massive $85m shopping hub set to transform one of Melbourne’s fastest-growing “retail deserts”.

Developer Oreana has started works on Deanside Central in Melbourne’s west, a major 21,000 sqm precinct on the corner of Hopkins Rd and Conservatory Dr.

The development is a direct response to a staggering population explosion in the west.
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Local resident numbers surged by more than 13,000 people between 2023 and 2024 alone, with 4,000 new homes expected to be added every year until 2046.

The centre will be anchored by a large-format Coles supermarket, alongside a Liquorland, Yes Yes Indian Supermarket, Anytime Fitness, and Direct Chemist Outlet.

Oreana managing director Tony Sass said the project would become a local focal point, positioned near schools, parks, childcare and surrounding housing.
“Deanside Central would become the heart of the growing Deanside community,” Mr Sass said.

“The commencement of construction at Deanside Central marks another significant milestone in Oreana’s commitment to supporting Melbourne’s expanding outer suburbs with vital retail infrastructure.”

Deanside Central is being built on a 21,000sq m site at Hopkins Rd and Conservatory Dr, with 8,200sq m of retail space and up to 30 outlets planned.

Oreana managing director Tony Sass says Deanside Central will be ‘the heart of the growing Deanside community’.

“These neighbourhood centres are fundamental to establishing well-connected, liveable communities in emerging residential areas.”
The 8200 sqm retail space will eventually house up to 30 shops, filling a critical gap in the Kororoit precinct where services have historically lagged behind the rapid delivery of new housing.

Mr Sass said the development was aimed at pulling everyday essentials closer to home.

“Deanside Central will bring essential retail and everyday services directly to the local community, enhancing everyday life for residents,” he said.

He said Oreana’s integrated development and construction model was designed to fast-track projects in new suburbs where services often lag housing delivery.

Anchored by a large-format Coles, Deanside Central will include committed tenants Liquorland, Yes Yes Indian Supermarket, Anytime Fitness and Direct Chemist Outlet.

“Our end-to-end capability in both development and construction allows us to create retail destinations that truly serve local communities,” he said.

“We’re focused on delivering convenient, welcoming centres that become genuine gathering places and make daily life easier for local families.”

Works at the Deanside site follow a string of similar “neighbourhood hubs” currently being rolled out across Melbourne’s greenfield growth fronts, including projects in Mickleham, Wollert, Beveridge, and Clyde.

Deanside Central is slated to open in early 2027.

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Renders of Teak development at Mudgeeraba.

A landmark multimillion-dollar development is set to revolutionise a Gold Coast suburb with a new pub and retail hub.

Construction is set to start on Teak, a mixed-use commercial development in Mudgeeraba offering space for 14 tenants.

Renders of Teak development at Mudgeeraba.

Renders of Teak development at Mudgeeraba.

Renders of Teak development at Mudgeeraba.

It’s the first commercial project for local residents Lauren and Mitch Milne, who have completed 10 residential developments in the past five years.

Teak replaces the historic Woodchoppers Pub on Railway St, which is set to be demolished this week.

The new development is expected to become a hub for both operators and the wider community with new opportunities for hospitality, health and fitness, medical and retail businesses.

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Renders of Teak development at Mudgeeraba.

Woodchoppers Pub will be demolished to make way for Teak.

Renders of Teak development at Mudgeeraba.

Councillor Glenn Tozer says Teak represents confidence in Mudgeeraba’s future. Photo: Annette Dew

Division 9 Councillor Glenn Tozer said developments like Teak played a critical role in strengthening Mudgeeraba’s local economy.

“This project creates new commercial opportunities that will attract quality businesses across hospitality, health and fitness, and retail — industries that directly benefit local residents and enhance the vitality of the village,” Cr Tozer said.

Renders of Teak development at Mudgeeraba.

A key feature of the development is its nod to local heritage — the original Woodchoppers site will be paid homage through a new restaurant and pub secured by The Australian German Club.

“It’s encouraging to see a development that acknowledges the history of an iconic site while reimagining it for a growing community,” Cr Tozer said.

“Retaining a hospitality offering here ensures that the spirit of the Woodchoppers site lives on,

while delivering a modern destination that reflects where Mudgeeraba is heading.”

Renders of Teak development at Mudgeeraba.

Construction, to be handled by NthStar Constructions, is expected to take 12 months.

A number of commercial sites remain for sale or lease, offering businesses and investors an opportunity to secure a position in one of Mudgeeraba’s most prominent new developments.

“Teak represents confidence in Mudgeeraba’s future,” Cr Tozer said.

“It sends a clear message that this is a place worth investing in — a community that supports business, growth and quality development.”

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