Launceston retail site sells for $13m, 'exciting' high-profile tenant to move in

The 1.85 acre block on the corner of Bathurst and Frederick streets sold off-market to a Tasmanian-based family this month, marking the biggest sum paid for a bulky goods site in Launceston for several years.

Petbarn and Nuts and Bolts retain long-term leases at the site, which also housed Video City before its closure in 2018.

The Video City site has been lying dormant for more than four years, serving occasionally as an election polling location, but the 1157 square metre showroom could welcome a new tenant as early as next year.

Shepherd and Heap's Blake Shepherd, who brokered the sale with Ian Singline, said plans were in place to bring "one of Australia's large companies" to the site.

"We are in extensive dialogue and have agreed to terms with an exciting tenant," Mr Shepherd said.

"There won't be any movement on site for a little while yet, but [it's] a big strong brand.

"We're excited - I think it'll be a good thing for the centre."

Launceston residents holding out hope for ALDI or Big W outlets may be disappointed, with both chains confirming on Wednesday there were no existing plans for either store in the North.

ALDI has a presence in every state and territory except for Tasmania and the Northern Territory, while Woolworths has three Big W stores in the state's South.

READ MORE: Increasing job vacancies rates in Launceston costing the region $3.8 million per week

The typical Big W store occupies about 5000 square metres, however, a smaller-scale store of about 1100 square metres opened in Sydney this month.

Most ALDI stores occupy about 1500 square metres, but some take up less than 1000 square metres.

Mr Shepherd confirmed the new owner would not seek to extend the footprint of the Bathurst Street site, which has nearly an acre of floor space across the three tenancies.

"It was a good outcome for both parties - both parties achieved what they wanted to achieve out of the sale," he said.

The property had been owned by a Launceston businessman.

It has 84 car spaces.

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