The home that gave Newstead its name is set to join Launceston's exclusive $3 million club.
Newstead House was built in the 1850s by Ronald Campbell Gunn, whom Launcestonians will recognise from his statue in City Park.
Arriving in Launceston as a 22-year-old in 1830, Mr Gunn went on to serve as a convict supervisor, botanist, politician, crown lands commissioner and public servant.
He lived in Newstead House from the '50s until his death in 1881.
He is believed to have planted many of the trees that remain on the block today.
"It's probably one of the most significant historical homes in Launceston," said selling agent Sam Woolcock, of Knight Frank Launceston.
"[Mr Gunn's] job was to collect a lot of the flora and fauna and send it back to England and he used to get a lot of seedlings from Europe back into here.
"So there's these three magnificent cork trees that are in Newstead and they would have been planted by him."
The home itself takes in a 520 square metre floor plan, enclosing a garden between the two wings and the main two-storey dwelling.
Outside, the property boasts a tennis court among its 1.16 acre grounds, and inside there are five bedrooms, three bathrooms and multiple living areas.
The property has had a sympathetic makeover since it last sold in 2012.
Mr Woolcock said the home's cellar, which has been used for wine and general storage, was one of the best he'd ever seen.
"Normally are cellars are tiny - this cellar would have nine-foot ceilings, all across the house," he said.
"I'm sure when it was built it would have housed staff down there.
"The home's beautifully appointed."
Launceston's sale benchmark sits at $4,125,000 following last year's sale of Old Illaroo (1 Blessington Road) in St Leonards.
There have also been two sales of about $3.5 million at Glenfruin (1 Brisbane Street, Launceston) and Freshwater Point (56 Nobelius Drive, Legana).
"I think this will give that a nudge - it'll be definitely over $3 million I'd suggest," Mr Woolcock said.
"We've had interest close to that so far."
Newstead House is located at 10 Newstead Crescent.
It joins Hatherley House and Rosemount as other historic homes to have recently hit the market with multimillion-dollar expectations.
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