The building that is home to Fiona Hoskin and Peter Crowe's award-winning restaurant Fee And Me will be auctioned through L.J.

Hooker on August 10, with their last dinner service just two days before.

The restaurant that won the 2000 American Express Australian Restaurant of the Year and is housed in the historic Morton House on the corner of Charles and Frederick streets will be sold as is but the duo have opted to keep their business name.

They said they were keeping their options open for the future, although they had no plans as yet.

"It was a bit of a cathartic experience, turning 20," Mr Crowe said.

"We are both approaching retirement age and we thought, do we want to do another 20 years while we're both youthful?"

That was the question they asked themselves on Thursday. On Friday they made their decision.

"It just seemed to be perfect timing," Ms Hoskin said.

Selling their place of business also means selling their home, which is located on the two floors above the classy restaurant.

And while they admitted it would be sad to say goodbye to their labour of love, the two were looking forward to more free time for family and friends.

"There's lots to look forward to, lots to be thankful for and lots to reminisce about," Ms Hoskin said.

"It's a little bit like going to the theme park and being at the top of the roller- coaster, feeling both fear and exhilaration."

Fee And Me was opened in July 1989 as a brasserie in York Street, Launceston, before moving to the grand Georgian house and reopening in November 1991.

With Mr Crowe as maitre'd and Ms Hoskin overseeing the kitchen, it has been a tour de force. The culinary haven was named best Tasmanian restaurant by Gourmet Traveller and American Express, has taken out numerous Restaurant and Caterers Association awards and was listed in the Fodors top 100 eating places in the world. It was also awarded the Tucker Seabrook best Tasmanian wine list three times and added to its hall of fame.

Ms Hoskin said she was proud of what they had achieved.

"We've seen a huge change in the dining scene in Launceston since we've been here," she said. "We raised the bar, I think ... and pulled everyone else with us."

Ms Hoskin said despite the sale, she would be busy with her other pursuits; selling food processors and volunteering for the Tasmanian Devil Island project. "I'll end up being the bagman, I guess," Mr Crowe laughed.