Bensons Planning Apartment Development Near Salamanca

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Melbourne-based property developer Bensons Property Group has made a major entry into Tasmanian property by purchasing a residential development site near Salamanca in Hobart.

The development site is situated on the corner of Knopwood Street and Montpelier Retreat, Battery Point, with a total area of 1,442 square metres.

Tasmanian Times understands the selling price was around $7 million, which agent Knight Frank believes is a record for residential land in the City of Hobart.

Bensons intends to submit revised plans to the council (which will include a public open space embedded with art created by Tasmanian artists) for a development of luxury apartments which it believes will enhance, add texture and prestige to the streetscape of Hobart.

Bensons says its purchase “creates the opportunity for the best development site in the exclusive suburb of Battery Point which will attract considerable interest from local and interstate buyers.”

They say that – subject to approvals – completion of construction is expected in late 2023. Bensons expects to open expressions of interest for the apartments later this year.

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The site will host a planned boutique development of approximately 30 apartments (including a penthouse expected to be worth as much as $10 million). Prices of the apartments are expected to range from $1 million to $10 million.

The developer’s foray into the Tasmanian market follows a track record spanning over a quarter of a century developing over $2 billion worth of residential projects along the eastern seaboard.

Bensons have realised a dream by the company’s Chairman and founder Elias Jreissati, who along with his wife Colleen, have always wanted to bring a quality luxury development to Hobart. The Jreissati family have been frequent visitors to Hobart over the last two decades, and owned a Hobart apartment for more than five years in Battery Point.

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Bensons’ CEO, Rick Curtis, said this site’s acquisition is a proud milestone for the developer.

“For many years both our Group Chairman and his wife Colleen have travelled and lived in Hobart,” he said. “It has been their second home and they love it. Our intention with this incredible development opportunity is to create an oasis of luxury living, for our chairman and his family, and their new neighbours, to occupy in the most sought after location in Hobart.”

“We have always wanted to expand Bensons Property Group into Hobart and now this opportunity has arisen. We will work closely with Hobart City Council and the local community to ensure that together, we create something that will add to the fabric of Hobart. This is very exciting in our history, which already has a track record for creating quality developments in the markets we occupy,’’ Curtis said.

“The Jreissati family’s deep connection with Hobart has also extended to support for the arts in the city as well as commissioning a Tasmanian sculptor to produce a bronze statue for Levantine Hill, the family’s Yarra Valley winery. We are ongoing supporters of the Tasmanian Museum and Art Gallery, including lending a major piece of historical artwork to the gallery, which was a successful and important drawcard for the TMAG.”

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