Historic Edgewater Hotel in Tasmania up for sale

Canny property investors ears may prick as The Edgewater Hotel (and its adjoining motel) is listed for sale in Tasmania.

Expressions of interest for the East Devonport property close Thursday 13 April at 4pm, with prospective buyers having the opportunity to snatch up all 1200 square metres of the property.

Originally built in 1883, with the connecting motel constructed in 1964, the hotel also features public bars, dining toom, lounge bar, reception, gaming lounge, conference room, kitchens and a gym as well as 42 guest rooms.

The sale of the hotel could be the opportunity for smart investors to jump in the increasing rise in popularity of Australia’s most southern state which has grown to 1.13 million interstate visitors per year (up 4 per cent).

Total visitor spending in Tasmania in 2019 has also risen, increasing to $2.53 billion, up 5 per cent, with the average spend per person being $1,922.

A range of historic, older style and more recently constructed residential properties are situated in the immediate surrounding area, as well as the port for the popular Spirit Of Tasmania ship.

“The Edgewater Hotel provides a rare opportunity to purchase a large gaming outlet with a significant accommodation offering multiple potential income sources,” tourism and hospitality broker, Knight Frank, John Blacklow, said.

‘The Edgewater Hotel has been identified as a non-core asset for the owner, and as such they have decided to offer the asset to the market at a time when the broader sector has experienced a post COVID trading recovery and investor interest and demand in the Tasmanian tourism and hospitality sector is strong.”

“East Devonport is undergoing a significant period of infrastructure investment with the $240 million Tasports Quay Link project currently underway to support the projected 2024 arrival of the two new Spirit of Tasmania vessels which are expected to allow an additional 160,000 passengers annually to enter Devonport as well as the delivery of SeaRoad’s new build vessel ‘Searoad I’ which will be the largest vessel in Sea Road’s history,” agent, Knight Frank, Nicholas Bond, said.