249 Elizabeth Street, North Hobart, TAS 7000

Situated on the corner of Elizabeth Street and Warwick Street, stands "Melbourne Lodge," one of Tasmania's oldest residences. Constructed by convicts around 1829, this sandstone Georgian mansion was built for John Stracey, the colony's first auctioneer, but soon began a new life as a private boys school. The Warwick Street wing was added in 1835 to help expand the school's accommodation, however, the honourable George Salier soon purchased the property and again made more renovations and additions to house his large family of 14 children and numerous servants. George and his wife Harriett lived out their entire lives in their luxury home and when George passed, one time Tasmanian Premier Honourable Adye Douglas MLC, became the new custodian, before the property resumed its educational links to become the Hobart Ladies College. In 1992, a major renovation project was completed, and Melbourne Lodge began its new life as a boutique hotel. This theme has been continued by its current owners, with The Lodge on Elizabeth currently being leased as a Heritage Bed and Breakfast facility.

Available as a freehold sale with option to purchase the business, this property is a must inspect for investors seeking a large CBD footprint with a stable yield and high capital growth potential. The current lease is 5 years plus options for another 15, with rent at approximately $100,000 per annum.

Developers may see an opportunity to take advantage of the mixed urban zoning and repurpose into medical rooms, offices or similar (STCA). For those wishing to semi-retire with a steady passive income - short/long term accommodation or a wedding/function centre, is perfectly suited to this grand old manor (STCA).

Once inside this magnificent building, you are greeted by a glorious entry hall, bisecting two large living spaces, one of which is currently being utilised for dining. These spaces are warm and inviting, featuring decorative fireplaces, soaring ceilings, stunning refurbished timber floors, chandeliers and an all-encompassing sense of history and heritage. An adjacent kitchenette space provides an opportunity to upscale the catering amenity if required.

The ground floor accommodation comprises 10 large bedrooms, each with its own ensuite and connected by that meandering, expansive hallway.

There are 3 capacious, master bedrooms upstairs, all with granite laden spa ensuites, 2 of which have direct access to a splendid grand veranda. Two more of these original rooms have since been converted into a more modern apartment, complete with 2 bedrooms, lounge, master bathroom and sleek kitchen.

The property is underpinned by a breathtaking courtyard garden, absolutely stunning and a very rare treat within the city confines. This manicured oasis provides entry to the adorable convict cottage, thought to be originally used as a servant's quarters. This cute and cosy space has since been converted into a fully self-contained heritage hideaway.

The basement is both fascinating and practical, providing a huge storage space as well as three undercover car parks, accessed through Warrick Street. The exposed sandstone convict bricks provide a rare insight into our early history, each brick marked as a signature from its maker.

The Lodge is centrally situated just a 3-4 minute walk to over 50 North Hobart restaurants, cafes. food establishments, pubs, bars and craft breweries. A 10-minute stroll along Elizabeth Street will find you in the centre of Hobarts CBD, whilst just a few more minutes will have you arriving at the famous Hobart waterfront precinct. This truly is a remarkable opportunity for you to own a significant piece of Tasmania's heritage architecture, so please contact me to arrange your private tour and inspection.

The Lodge on Elizabeth is listed with the National Trust and forms part of the National Estate.

? Grand Georgian mansion, built from sandstone in 1829 by convict crews.

? 13 large bedrooms all with ensuites and heritage features

? Capacious hallways, spacious living rooms, original floors

? Self-contained convict cottage

? Modern, fully self contained 2 bedroom apartment

? Stunning courtyard garden, central to the 1295m2 land parcel

? 3 undercover car parks, huge basement storage

? Zoned Urban Mixed Use - Hobart Interim Planning Scheme 2015

Currently leased at approx $100K P.A. - 5 years remaining plus options for another 15.

Council Rates: $11,554 (Approx p.a.)

Water Rates: $5,000 (Approx p.a.)

Disclaimer: Every effort has been made to ensure the accuracy of the information contained here in. While there is no reason to doubt it's accuracy, guarantee can not be assured. The content is intended as advice and such as can not be taken as absolute fact. Accordingly all interested parties should make their own enquiries to verify this information