Launceston's brutalist state government building Henty House has been placed on the market for just the second time in 36 years, with the agent expecting it to fetch at least $17 million.
Expressions of interest for the sale close in early October.
The state government has a 10-year lease over the five-level, 4700-square-metre building that expires in 2027, while the University of Tasmania is believed to be planning to move into the bottom level left vacant by Service Tasmania.
Sydney-based property firm Strada Group paid $11 million for Henty House in 2009, but less than one year later the site was added to the Tasmanian Heritage Register, potentially limiting the works that could occur.
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Strada Group appealed this decision and won, and has since spent $2.5 million on improvements. The state government has also refurbished part of the building.
Edwards Windsor Real Estate director Tim Johnstone, who is handling the sale, said they had already received at least 70 enquiries for Henty House.
"Generally it's from Melbourne and Sydney private investors, plus small syndicators," he said.
"Now that the building has been cleaned in recent years and has solar panels on the top, it looks a lot better. And with what council are doing in the surrounding area, it's going to get a lot of interest.
"It has a yield of between 7 and 7.5 per cent. The return is pretty competitive in a low interest rate environment."
Mr Johnstone said there was the potential to extend the building for a cafe, while higher railing would be needed for the balconies.
Completed in 1983, Henty House was an architectural oddity among Launceston's colonial streetscapes, and its jarring design resulted in the Heritage Council listing it following a study of Launceston.
It even featured in a 2017 edition of international publication SOS Brutalism: A Global Survey.
Henty House features off-form concrete, a style that leaves the concrete without its "decorative finish" to create an abrupt, monolithic feel.
Edwards Windsor Real Estate also sold The Telstra Centre at 66-80 Collins Street in Hobart within 10 days of the expression of interest period closing.
Mr Johnstone said the majority of enquiries were from investment groups new to Tasmania, reflecting growing interest from mainland investors.