SINGAPORE (May 18): Property developer Fragrance Group has entered into a contract to acquire a property with a combined land area of approximate 4,868 square metres (sq m) in Hobart, Tasmania, Australia, for an undisclosed consideration sum.

Occupying the corner of Sandy Bay Road and Wilmot Street while reaching back to Heathfield Avenue, the property specifically spans 5-7 Sandy Bay Road; 9, 11 & 13 Wilmot Street; and 4, 6 & 8 Heathfield Avenue, the group said in a Thursday announcement.

For purposes of the acquisition, the group has incorporated a wholly-owned subsidiary, Fragrance Tas-Hobart (Sandy Bay) Pty Ltd, which is principally engaged in the activity of a property investment company and has an initial paid-up capital of A$1 million (S$1.03 million).

Located onsite the property is the main Conservatorium of Music building, which is operated by the University of Tasmania and has a gross building area of approximately 4,313 sq m; a warehouse of approximately 1,108 sq m; three brick buildings on Heathfield Avenue; three heritage-listed conjoined cottages on Wilmot Street; as well as a communications tower.

Currently, the property is zoned ‘Mixed Urban Use’ under the Hobart Interim Planning Scheme, 2015, and can potentially be redeveloped for office, retail, hotel and residential uses.

Fragrance Group does not expect the acquisition to have a material impact on its financial results for the current year ending Dec 31.

Shares of Fragrance Group closed flat at 17 Singaporean cents on Thursday.