University expands property portfolio
The University of Tasmania (UTAS) continues to snap up Hobart’s city buildings as it progresses with plans to locate more of its activities in the CBD. The latest purchase is the former Forestry Tasmania building in Melville Street. This follows other recent acquisitions including the Fountainside Hotel on Brooker Avenue, and the Midcity Hotel on the corner of Elizabeth and Bathurst Streets. Both these properties will be converted into student accommodation, as the rental squeeze continues to bite. UTAS has also secured funding to underwrite a new complex of about 430 beds, valued at around $70 million, at 40 Melville Street opposite the University’s Hobart Apartments building.
14 February 2019