The "property unequaled in the country" - three hectares, with two bluestone residences - is on the market for a minimum $3.2 million.

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Surrounded by crown reserve, the landholding was first established over 130 years ago. The two residences were built for the manager and chief engineer of the Duck Reach Power Station, a marvel of its time that allowed Launceston to become the first Australian city illuminated by public-owned hydroelectricity.

History author Julian Burgess, who wrote a book about the area, said the newspaper reported the chief engineer's cottage's completion on January 26, 1897. "Because of the remoteness of the Duck Reach Power Station and the difficulty in reaching it, the council decided to build accommodation for its engineers close by," he said.

"It was built at a cost of £425 by J. T. Farmilo, the contractor who had built the power station and the Albert Hall among many other Launceston buildings.

"Later in the year the council advertised for tenders for three more cottages and the work was won by Launceston builders Chaplain and Malcolm, at a price of £935.

"The cottages are described as the late Victorian architectural style, with the outer walls constructed of dolerite rubble. After their service for employees of the Duck Reach power scheme ended [in 1955, when it was replaced by the Trevallyn Power Station], the houses were sold."

The estate is "a natural sanctuary for native animals and birdlife, including the peregrine falcon nesting in the cliffs and rich variety from fairy wrens to night owls," according to the real estate listing.

Walking tracks lead from the property to the popular walking paths, the First Basin track, the Duck Reach track and the Trevallyn Nature Recreation Area.

The listing notes that the land is zoned environmental living and establishing tourism/visitor accommodation would be reliant on council approval.

The last time the estate was in the news was in 2011, when one of the buildings was damaged in a suspicious fire that caused $1.5 million worth of damage, including destroying numerous antiques, books, and paintings collected by its owner at the time.

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