The theft happened just after 11pm yesterday at a police vehicle compound in Patrick Street in Hobart.

In dramatic fashion a Nissan Patrol was driven at high speed into the compound's closed gates, breaking one and flinging it on to the street.

Thousands of dollars in damage was caused to the fence and gates.

Police said it was a targeted theft.

Inspector Matthew Richman said one or more offenders had broken into the closely watched compound before breaking out with the Nissan Patrol.

Entry appeared to have been gained over the compound's fence.

It was the second time in 15 years that security at the compound had been breached, he said.

The facility is protected by a large fence and a heavy-gauge gate. It is well lit and extensively covered with surveillance cameras.

"This is something which is obliviously a concern to us - we'll need to be reviewing what the security arrangements are," Inspector Richman said.

"Undoubtedly we'll be making some alterations to that area."

The Patrol was seized by police and placed in the compound last week.

It was being examined in connection to a motor vehicle theft offence.

The incident was captured on CCTV footage and police are chasing up several lines of inquiry but are yet to recover the Patrol.

Police are seeking assistance from the public to locate a 1988 Nissan Patrol with the registration number C39FY.

The Patrol has a white cab and black tray and has a hydraulic lift mounted on the rear of the tray on the driver's side.

It also had oxy-acetylene bottles strapped to the rear of the cab.

Anyone with any information is asked to contact the Police Assistance Line on 131444 or Crime Stoppers on 1800333000.