Developer Tipalea Partners has acquired a 3.5-hectare site in Kingston in Hobart from a Queensland investor for $5 million, representing its third Tasmanian development since 2019.
Tipalea plans to develop a $40 million neighbourhood retail centre at 202 Channel Highway that will be known as Huntingfield Village.
The 6,300 square metre project will be Tipalea’s third retail development in Tasmania, following its Glebe Hill Village in Hobart and Stony Rise Village project in Devonport.
At 4,200 square metres, the proposed supermarket will be one of the largest in the region and will accompany 15 other retail facilities – including medical and dental services, a café, bakery, and takeaway food options.
“Huntingfield Village will expand our current Tasmanian portfolio to three retail centres, continuing our strong track record of delivering value and convenience to Tasmanians,” said Scott Spanton, CEO of Tipalea Partners.
“Modern, convenient retail is essential infrastructure for growing regions and Huntingfield Village will provide local residents with choice, convenience, and significant amenity for years to come, in addition to boosting local employment.”
Tipalea research estimates that the broader Kingborough catchment was home to just under 60,000 residents, having grown by 6,200 people in the last five years alone.
This figure was expected to increase by a further 7,300 over the next twenty years.
Tipalea anticipates that following the necessary Council approvals being hopefully secured in 2023, with construction commencing early next year and completion due in early 2025.
The deal was brokered by George Burbury and Claude Alcorso of Knight Frank Tasmania, who said investor confidence in the State remains elevated post-COVID.
“We have continued to see strong investment across the retail sector, driven by low vacancy rates amid fast-growing residential locations,” he said.
Tipalea Partners has developed neighbourhood retail centres across Australia in locations such as Mackay in Queensland, Pimpama on the Gold Coast, Muswellbrook in the NSW Hunter Valley and Launceston in Tasmania.