In the semi-rural residential locality of St Leonards, 10 minutes outside of Launceston's CBD, rows of hawthorn hedges, views of distant vineyards, and sheep grazing among rolling hills sets the scene for one of the region's grandest manors.

After travelling up a long, English-oak-lined driveway, the uncomplicated symmetry of Old Illaroo comes into focus. The home was built in 1840, by Lieutenant John Atkinson, who was the son-in-law of Mary Reibey of Entally - featured on Australia's $20 note.

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Ms Reibey was an English-born, Australia convict, who after gaining her freedom, became a successful merchant, shipowner and trader.

At the time of her death, she was reported to have owned hundreds of properties, primarily in Sydney.

Lieutenant John Atkinson is said to have married into the family after a portion of Ms Reibey's kin relocated to Tasmania, including her three sons, two of whom owned a general merchant and commission agency in Launceston, trading under the name of Thomas Reibey & Co.

The real estate agent tasked with selling the property, Dominic Romeo, of Circa Heritage and Lifestyle Property, said the price of the home would be in the vicinity of $3.6 million, but believed the tremendous amount of interest the house had already generated meant the price could increase.

"Fours hours after it hit the market, I'd already received about 50 enquiries," he said.

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Mr Romeo said the frenzy at hand demonstrated the huge demand for the early colonial and historic properties littered across Australia.

"There's only a small handful of homes in this sort of condition that hit the market every year in Tasmania, particularly one this close to Launceston, so you're essentially living in the city, but with a rural feel," he said.

Positioned on a 15-acre property, the fully restored home includes seven bedrooms, three bathrooms, a sunroom, dining room, drawing room, and informal and formal family rooms.

It also has a fully serviced kitchen with modern appliances and cabinetry.

Seperate to the house is a self-contained brick cottage, stables with a mezzanine floor, large shedding, and workshops.

Mr Romeo believed some of the home's most desirable original features were its French doors, blackwood flooring, Georgian windows, and high ceilings.

He was also complimentary of the established gardens, expansive grassed areas, and flower beds that tightly bordered the property.

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