44 & 52 Stewart Street
Devonport TAS 7310
Contact Elders Commercial
Prime CBD investment ~ Long Term National Tenant
Elders Commercial is delighted to offer for sale a key Devonport CBD asset, subject to renewed new lease to 2032. The property comprising two buildings is located on a prominent corner within Devonport’s CBD core and benefits from three street frontages.Trading as Zap Fitness, this business is owned by Fitness & Lifestyle Group (FLG) - Asia Pacific’s largest group of corporately owned health and wellness clubs with 330* locations across AUS, NZ, Thailand & Singapore and brands including Zap, Goodlife, Fitness First, Jetts Fitness, Barry’s, & Emily Skye FIT.
Key highlights include:
• FLG majority owned by leading Australian private equity investors Quadrant Private
• FLG has 585k* members across 4 countries
• ZAP Fitness - Founded in Tas in 2009 now grown to 75* locations nationally
• In 2017, Zap was acquired by Fitness & Lifestyle Group
• 52 Stewart St, extensively renovated in line with Zap’s occupation c.2009
• Later Zap expanded next door (44 Stewart St) which was renovated for them c.2017/18
• The tenant has extended both leases by seven (7) years from April 2025 to March 2032
• High exposure CBD corner ~ 1,014 sqm*, three street frontages
• Ideal CBD location, walking distance to major CBD offices, hotels and public parking
• Annual 3.00% rental reviews
• Tenant pays all normal statutory outgoings and is to keep the premises insured
• Est. Net income of both leases $225,000* pa
The property is For Sale by Private Treaty. Anticipated yield c.7.00%. For details regarding this property, please contact Elders Commercial Tasmania.
*Approximately
Features
General Features
- Land Area: 1,014sqm
- Commercial Type: Retail
- Building Area: 811sqm
- Zoning: Central Business
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Elders Real Estate Devonport
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