Launceston's historic Cornwall Hotel sells to new owners

The Cornwall Hotel in Cameron Street settled last week after first hitting the market in December.

Sydney-based investors snapped up the freehold-property - which houses established tenants Maple Cafe and Hillsong Church - plus the leasehold to the 40-room hotel for a price understood to be more than $5 million.

Knight Frank's Charles Black said the transaction had gone through relatively quickly despite a cooling real estate market.

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"We had some good interest in it, a number of offers," Mr Black said.

'[The market] is not as bullish as it was ... but we're still getting good results."

The Cornwall Hotel was built in 1824 by John Pascoe Fawkner, who later met with John Batman at the site to found the city of Melbourne.

In 1981 the hotel was renamed the Batman Fawkner Inn and hosted regular music acts including Paul Kelly, Midnight Oil and Hunters and Collectors while providing budget accommodation.

It took on its new name Cornwall Historic Hotel following a major redevelopment in 2019.

The 1900 square metre property had been owned by a local investor syndicate for about a decade before its sale.

Maple Cafe has been running its second Launceston premise from the site since last year, while Hillsong occupies the former site of Club 54.

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