Hobart's 1830s Cascade Theatre Royal Hotel for sale

Theatre Royal Hotel in Hobart, originally built in 1834, is up for sale by tender under instructions from as receivers.

In its current state, the hotel at 31 Campbell Street is a modern property adjacent to Theatre Royal, a historic venue for the performing arts, and opposite the Royal Hobart Hospital.

This area of the Hobart CBD is known as the "Wapping Precinct" and has seen residential units come up in recent years. The hospital is undergoing a $565-million upgrade.

The hotel has a floor area of 500 square metre and includes a public bar, atrium bar, dining room seating 90, function room, commercial kitchen, seven accommodation rooms and a managers residence (10 rooms in all).

Built in 1834 by Peter DeGraves (founder of Cascade Brewery), this two-storey complex is one of the oldest hotels in Australia.

Degraves (1778–1852) was an engineer who also studied architecture, and paid for the entire construction of Theatre Royal (1837) and remained its owner until his death, says the University of Tasmania website here.

The zoning also allows for other uses such as apartments, retail, offices, education centre, childcare, visitor accommodation, shops etc.

An accommodation property in Hobart, which receives more than 70 percent of all visitors to Tasmania, is a good bet. The number of visitors to Tasmania exceeded 1.1 million for the 12 months to March 2015.

The property is being marketed by John Blacklow of Knight Frank and tenders close tomorrow, on February 11.

The hotel freehold last traded for $1.56 million in 2007, twice what was paid in 2002.