Historic Tasmanian homestead and function centre a sub-$2m steal

Where can you buy a booming meeting and function centre, a historic family home, a bed and breakfast and more than 13,000sqm of developable residential land, all for less than $2 million?

Look no further than the key Tasmanian regional hub of Campbell Town, where “The Grange” is on the market for $1.975 million, offering a ready-made business opportunity for an owner-operator.

The property, situated between Launceston and Hobart, is touted as central Tasmania’s premier meeting venue, drawing corporate groups from both cities, and made a profit of more than $237,000 last year, with revenue exceeding $462,000.

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But more than five months after it was first put on the market, “The Grange” is still searching for new owners, which Knight Frank agent John Blacklow says has him somewhat baffled, particularly considering the property’s listing has been viewed online about 35,000 times.

“We’ve had a lot of enquiry. I’d suggest we’ve probably issued about 60 property reports on it,” Blacklow says.

“There’s no real underlying reasons as to why it shouldn’t sell. We just haven’t found the right buyer.”

The property’s function centre has six rooms that can accommodate a total of 150 people.

The property at 4 Commonwealth Lane, comprises 2.79ha of land, which includes a 5819sqm function centre with six flexible rooms that can cater for a total of 150 people.

The historic homestead at “The Grange” is listed with the National Trust.

Then there’s the National Trust-listed residence, which spans almost 9000sqm (including the surrounding landscaped grounds) and has also been used as a bed and breakfast and a restaurant. And next door is the huge tract of land that Blacklow says has the potential for subdivision.

Part of the function centre at “The Grange” at Campbell Town in Tasmania.

Blacklow adds that the business is extremely profitable, and is just waiting for the right operators to take up the challenge.

“A lot of government departments and companies with offices all around the state, all tend to have centralised meetings, and The Grange is perfectly set up for that. That’s the business side of it, which is very, very profitable,” he says.

Vacant land spanning more than 13,000sqm is included as part of the deal.