A $95-million plan to redevelop the Launceston TAFE campus into a retail and entertainment precinct has been approved.
Tasmanian developer Red Panda submitted plans to the City of Launceston Council for 2 and 10-16 Wellington Street.
The 5300sq m site was previously the TAFE College and has also been the site of army barracks and Turkish baths. Its rezoning has already been approved.
Plans by DKO Architecture involve the change of use to develop 14 apartments with an amenities space that will be called reUNIÒN.
However, the majority of the site will be geared towards entertainment, with restaurants, cafes, a brewery and a distillery as well as a five-star hotel all part of the plans.
Construction is due to begin on the hotel next year. Red Panda says there is a shortlist of 17 global hotel operators for the site.
The food and hospitality precinct will be centred round a purpose-built courtyard.
The apartments will range from one to four bedrooms.
They are reportedly to be priced at $1.5 million and above. Median prices for two-bedroom Launceston apartments hover around $440,000, according to a property listing website.
The plans also include what Red Panda describes as a “five-star airport lounge” with formal dining rooms, a library and workspaces as well as a lounge and bar for apartment owners.
According to CoreLogic RP Data, the 10-16 Wellington Street site was acquired in December, 2021 for $7 million.
Launceston has proved an attractive location for development, particularly in the hospitality and cultural space.
Plans were recently lodged by Global Premium Hotels, which would adaptively reuse former heritage and refurbished warehouses.
The adjacent Queen Victoria Museum and Art Gallery has been earmarked for a $70-million overhaul, as has the Tasmanian Symphony Orchestra site at the corner of Kings Wharf Road and Lindsay Street.
