Spirit Super lands Tasmania’s biggest property deal
The purchase, completed in December 2021, is Tasmania’s largest-ever property transaction by value and a show of confidence in the economic potential of this landmark development.
Spirit Super Chief Investment Officer Ross Barry said the investment would work hard for Spirit Super members and provide excellent value to the fund and local economy.
“Parliament Square is underpinned by strong long-term leases and will deliver enduring benefits to members right here in our backyard and all across Australia,” Dr Barry said. “It’s great to be investing member funds back into their community and to see the creation of over 100 jobs.”
With over 100,000 Tasmania-based members, Spirit Super Chair Naomi Edwards is delighted the fund can invest in such a high-quality asset close to the heart of our membership. “Tasmania is a critical part of the Spirit Super story. A large contingent of our members live and work here, and we have strong links to the community through our Hobart contact and administration centre,” she said.
“This development will not only yield income and capital growth for our members’ retirement but will become a much-loved destination that all members will be able to visit and enjoy.”
Overlooking Hobart’s Sullivan’s Cove and Franklin Wharf, redevelopment of the mixed-use site kicked off in 2013. It now consists of two office buildings, a five-star hotel and retail shopfronts.
The 17,300 sqm office component, which includes the 2017-completed Salamanca Building, is connected directly to Tasmania’s Parliament House and leased to the Tasmanian government until late 2037.
The recently opened Tasman Hotel boasts 152 luxury rooms styled by acclaimed interior designer Joseph Pang of JPDC and three food and drink destinations, luxury amenities and meeting rooms.