Cambridge Aerodrome up for sale, expected to fetch eight-figure sum

Raine & Horne Commercial Hobart has announced the sale of Cambridge Aerodrome, one of Tasmania’s busiest airports by traffic movements. The 45-hectare property, owned by the Wells family since 1992, is expected to attract significant interest from both aviation industry players and developers, with the sale price anticipated to reach an eight-figure mark.

Leslie Simpson, Commercial Sales & Leasing Agent at Raine & Horne Commercial Hobart, highlighted the unique opportunity presented by the sale, stating, “This sale presents an exceptional opportunity for further aviation development or industrial expansion in one of Tasmania’s fastest-growing precincts.”

Key features of the property include:

Prime location in the Cambridge industrial-commercial precinct
15 minutes from Hobart CBD and 5 minutes from Hobart International Airport
Diverse zoning including light industrial, utilities, and open space
Potential for rezoning, subject to approvals
Short-term lease-back providing holding income

The aerodrome’s rich history dates back to 1934 when it was purchased by the Australian Government. It served as Hobart’s main airport until 1956 and has been privately owned and operated by the Wells family since 1992.

Mr Simpson noted that there is already interest from aviation businesses looking to build on the Wells family’s legacy, as well as developers considering the re-zoning potential of the site. Industrial land values in the Cambridge precinct have surged significantly in recent years, with prices climbing from $110-$135 per square metre in late 2020 to as high as $470-$500 per square metre recently.

Additionally, three light industrial allotments adjacent to the western boundary of the aerodrome are also available for purchase, offering opportunities for further aviation development or relocation of existing infrastructure.

The sale of Cambridge Aerodrome is being conducted through an Expressions of Interest process, closing at 2.00 pm on Tuesday, 9 July 2024.