This large imposing property is one of Australia's oldest and most historic hotels having been built in 1822 and was the founding place for the city of Melbourne. It is classified by the National Trust of Australia and listed on the Tasmanian Heritage Register.
The hotel is located in the Launceston CBD adjacent to the Grand Chancellor Inn and the York Town Shopping Square.
The hotel is on 3 levels and contains a reception and office, large public bar, cocktail bar (leased out), huge function, dining and entertainment lounge on 4 split levels, commercial kitchen, 37 ensuite rooms, guests' lounge, guests' kitchen and dining room, laundry, manager's flat and onsite parking all on 1,922 sqm. A substantial Council car park opposite is open at night.
The bar and dining areas are closed by choice so the business trades under management as an accommodation facility with 2012 income around $395,000. The ground floor areas can easily be re-opened for a host of uses such as bar, food, entertainment, functions, retail, offices, etc.
This is substantial CBD real estate with a gross floor area of some 2,500 sqm.
The Vendor is committed to sell as he now resides mostly overseas, hence the price reduction from $1.9 million to $1.395 million.
This is substantial CBD heritage real estate so would represent an outstanding acquisition at this price.
