Werndee is a magnificent Federation mansion that was built in Hobart in 1903 for the then Premier of Tasmania, Sir Elliot Lewis.

It retains all the stately charm of a grand era in Australian homes, and it also offers a grand gross income of $286,000 from its accommodation cottages and apartments.

Werndee sits just 3km north of Hobart’s CBD in Mortimer Avenue, just off Augusta Road.

The cottages and apartments are positioned around, or within the house, and are surrounded by large peaceful gardens, complete with fishponds, a relaxing gazebo and citrus grove. The area is protected by a magnificent stand of 100-year old heritage-listed Bhutan Cypress trees.

A news item in The Australasian newspaper described a gala wedding reception for a naval officer and his bride there in 1904 when Werndee was newly built.

The Tasmanian Governor Sir Arthur Havelock and his wife entertained 200 guests.

The house was “beautifully decorated,” the newspaper reported, “flowers were everywhere about, and where the bride and bridegroom stood to receive the congratulations of their friends a large floral anchor was suspended overhead.

“The wedding cake (cut with the bridegroom's sword) was particularly pretty and uncommon. It was ornamented with anchors, ships, cannon, life-buoys, a vase of natural flowers, and silver shoes filled with orange-blossom. The presents, numbering some hundreds, included a great many from English and Australian friends.”

Werndee remains as charming as ever – a three-storey breathtaking estate on 3485 square metres.

The substantial accommodation income from the property is derived from a variety of stylish and well-appointed offerings, including pet-friendly options.

The Auvergne apartments are spacious, modern self-contained two-bedroom apartments situated behind Werndee and available for lease.

They have either a balcony with city and water views or a small, enclosed patio. All units have separate toilets and the bathrooms have both baths and separate showers. There are full laundry and kitchen facilities, comfy beds and lounges.

They are ideal for one-month or one-year stays.

“Griffon” is a quirky and very individual character ground floor apartment with excellent sound proofing, double glazing and sun filled living areas.

“Grace” is a stylish and elegant upper level one bedroom apartment in the Folly. It has a beautiful, sun-drenched living area complete with first-class kitchen, large LCD LED TV, window seat and turret sunroom with private verandah. The luxurious queen bedroom features French antiques.

The Moroccan styled shower room is beautifully tiled and complete with a Bosch front loader washing machine.

Wren Cottage is a delightful 100-year old home with level wheelchair access, wide doorways and a bathroom with open shower and railings for shower and toilet.

John Blacklow from Knight Frank is marketing Werndee, describing it as a “landmark property of exquisite grandeur”.

Offers over $4.9m are invited for the freehold and business.

Werndee’s affordable modern and heritage accommodation is located just five minutes from Hobart’s CBD and is in easy walking distance to North Hobart’s cafes, shops and State Cinema complex. Nearby attractions include Salamanca Place and MONA – the Museum of Old and New Art. Mount Wellington is a short drive away.

Calvary Hospital is only a seven-minute walk, and Werndee is ideal for families visiting patients there.

Hobart is also an ideal base for touring Tasmania’s beautiful south.

Attractions such as Port Arthur, Bruny Island and Russell Falls National Park are only a day-trip away.