145 to 151 Paterson Street,
Launceston, TAS 7250

This iconic Tasmanian complex includes 33 motel units, 39 apartments, tavern with restaurant and bar (monthly tenancy), retail shop (monthly tenancy), reception, offices, workshops, storerooms, its own windmill, the Penny Royal Gunpowder Mill (closed) and plenty of on site sealed parking (part leased) all on 1.87 hectares containing 7 titles.

Great location close to the Launceston CBD, overlooking the Tamar River and at the gateway to the famous Cataract Gorge.

Trading figures show a consistency of accommodation revenue around $2 million per annum, with significant upside opportunities from 12 additional incomplete rooms, Gunpowder Mill facilities and vacant land.

Major refurbishments carried out to all 72 rooms from 2007 through to 2010.

Very rarely does such a quality property which is shrouded in history come onto the market. This stylish boutique heritage property is truly a beautiful place to stay and suits owner-operators, investors or existing operators intent on adding such a prized possession to their portfolio