QV Tower sold in landmark Launceston deal
SOLD: QV Tower at No.11 High St, Launceston. Picture: Supplied
Launceston’s iconic QV Tower has sold for an undisclosed price and is understood to be one of the largest commercial property transactions in the city in recent years.
The multistorey former Queen Victoria Maternity Hospital at No.11 High St was marketed jointly by CBRE and Launceston-based Howell Property Group.
The property offers 6780sq m of premium office and medical space across six levels.
Howell Property Group director Andy Howell said the sale is a landmark transaction for the Launceston market.
“QV Tower is one of the city’s most recognisable commercial assets, and the level of buyer interest reflected the strength of demand for premium office and medical accommodation in tightly held regional locations,” he said.
“This result reinforces Launceston’s growing reputation as a destination for high-quality investment opportunities, particularly where heritage character and strong tenant demand combine to create long-term value.”
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QV Tower.
CBRE associate director George Wilkinson said the sale demonstrated strong appetite for Tasmanian commercial assets.
“Tasmania has attracted strong interest from domestic and international investors in recent years, driven by the state’s robust economic performance,” he said.
CBRE senior director Matthew Wright said the transaction reflected the scale and quality of assets now trading in Launceston.
“Launceston is emerging as a genuine destination for capital,” he said.
“The level of inquiry we’ve received from experienced, qualified commercial investors seeking northern Tasmania opportunities has been astounding — it’s an excellent signal of confidence across the broader Tasmanian market.”
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QV Tower.
QV Tower sits in an affluent suburb 1.7km from Launceston’s CBD.
Heritage overlays restrict new developments in the area, making high quality assets like QV Tower particularly sought after.
Purpose-built as a maternity hospital in 1935, the building operated until 1995 when the Queen Victoria Maternity Unit transferred to Launceston General Hospital.
It last sold in 2021 for $6.35m.
Following their purchase, the current owners undertook significant redevelopment of each floor.
QV Tower 11.
The sale ranks among the most significant commercial property transactions in Launceston in recent years.
Notable Launceston sales include the Riverside Plaza shopping complex, which fetched $14m; the Tool Kit Depot at $8.1m; The Good Guys building in Invermay sold for $11m; and in 2022 brutalist building Henty House transacted for an eye-watering $22.525m.
CBRE senior director Shaun Venables said the sale of the QV Tower underscores the investment appeal of premium medical and professional office buildings in strong commercial centres.
“With heritage protections limiting new supply and strong tenant demand from allied health services, assets like this deliver stable income and capital growth prospects for investors,” he said.
