New opportunities could emerge in Launceston with expansion plans for the building at 74 to 86 St John Street.
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Co-owner Rodney Loone said the property, on the corner of Tatler Arcade, was bought with the plan to bring life into the area.
“We are conscious that the corner is an eyesore and needs improving,” he said.
“There are two options that we are contemplating and we have interest from two different types of tenants, one is very much in the mainstream retail area and we have had a lot of interest from some food retailers, including some national interest,” he said.
Mr Loone said the design of the building would be flexible so either use could work, with about 450 square metres created.
“We will fine tune the use of the building as the tenants are locked in … but we hope to start work in July” he said.
Mr Loone said the owners were very happy with the way the council planned to revitalise the “very tired and underdeveloped” area.