The historic buildings have sat vacant for more than two decades, despite numerous development applications approved by the City of Launceston.

Chair of the Heritage Council Brett Torossi said she looked forward to working with the new owners.

“I have already been corresponding with Mr Stewart, and we have started to proactively discuss their plans for the site,” she said.

“The Heritage Council has been very supportive for the redevelopment of the CH Smith site, as it recognises that without a site like this being used, cared for and developed it will not have a future.”

Ms Torossi said the buildings that made up the C.H. Smith site were some of Launceston’s earliest buildings, with a large portion of the area entered on the Tasmanian Heritage Register.

“By conserving the historic structures on this important site we expect that new life will be able to be breathed into the stories of Launceston’s former wharves. It also provides a great opportunity for locals and visitors to embrace, appreciate and celebrate the past, and see how it can contribute to our future.”

Launceston mayor Albert van Zetten said the council had earmarked the site as a priority and had worked throughout the year to find a solution.

“This is excellent news for the city and follows a long period of discussions between the council's general manager Robert Dobrzynski and a variety of stakeholders,” he said.

“Former owners of the site, Brile, were ultimately unable to realise their vision for the site in the timeframe they initially expected. This is simply a reality of the business world; sometimes the cards simply don't fall your way.”

Alderman van Zetten said the council was eager to hear more about Mr Stewart and Mr Curran’s plans.

Property Council executive director in Tasmania Brian Wightman said the property was critically important to Launceston’s economic future.

“For many years community leaders and local residents have been discussing the importance of much needed strategic investment in the site,” Mr Wightman said. “With the announcement of a new life for the site, coupled with recent hotel purchases and plans, and the University of Tasmania’s relocation to Inveresk, the city of Launceston can become a centre of continuous economic growth for a generation.”

Designs for a new development will be shown to the City of Launceston and the Tasmanian Heritage Council on November 21.