NAI Harcourts commercial broker Andy Howell jointly with Burgess Rawson have just recently sold ‘Holyman House’, one of the most iconic art deco buildings in Launceston for the price of $3 million at a yield of 7.9%.
Located in a prominent position on the corner of Brisbane and George Streets, Holyman House is arguably one of Launceston’s most attractive and recognisable buildings. It is positioned one block away from Launceston CBD’s mall and is surrounded by national retailers.
The building was designed by Roy Sharrington Smith and was built in 1936 to house the various branches of Holymans shipping and aviation interests as well as an automobile showroom for Holyman's automotive division. The building was designed to reflect the bold futuristic vision of the Holyman Company with the sleek curves, neon-lit spire and modern steel frame construction.
Holyman House is Launceston’s stand out Art Deco period building and while the ground floor retail areas have been modernised, the upper levels have been well maintained and retain many of the period features of the style. The building comprises ground level retail plus mezzanine area, three upper levels plus a roof top residence now utilised as an office space. The rooftop also includes an impressive accessible rooftop area which provides incredible views of the Launceston CBD.
This property was on the front page of ‘The Examiner’ newspapers property guide, the first time a commercial property has been featured with residential properties usually featured.
The property was last sold on the market in 2003. This time the purchaser is a businessman from Victoria who has the intention to undertake some restoration to bring the property back to its former glory.
The property generated one hundred enquiries and was on the market for just under three weeks.
Given the property’s historic nature there was much public interest at the auction which was held at the Crown Casino, Melbourne. One hundred and fifty people were in attendance with six active bidders on the day.
Andy Howell says “the previous highest sale from the NAI Launceston office was $1m so I am very proud of our achievement. The sale has generated a lot of interest and has given us great exposure locally and is showing clients just how powerful the NAI Harcourts team, network and systems are.”
Richard Laery, CEO of NAI Harcourts Australasia says “This is a fantastic example of how the NAI Harcourts team is putting clients first. Using professionals like Burgess Rawson to run the auction in Melbourne while keeping a local, skilled commercial professional on the ground provides clients with a high-quality service. It is great to see outcomes like this and proves we are challenging the current real estate model.”