Mr Ambrose is currently project managing the rejuvenation of Bernacchi Lodge near Lake Augusta, in the scenic Central Highlands.

Alongside a group of fellow investors, Mr Ambrose worked tirelessly to plan the refurbishment, which will become Thousand Lakes Lodge.

The 10-bedroom lodge will act as a base for guests who wish to enjoy outdoor experiences in the World Heritage Area, or just take in the fresh alpine air. 

Mr Ambrose said he came to miss Tasmania increasingly throughout his illustrious racing career. 

"The more I was away from Tasmania, the more I missed experiences like we have up here, and so it was just natural for us to come home,” he said.

“There was never really any question that we were going to go anywhere but Launceston, it's where my family and my wife's family are from.”

Mr Ambrose said his sudden retirement from racing in 2015 was a decision he did not regret, and was influenced by considering the realities of his profession.

“Having a family and having responsibilities certainly makes you think twice about going 350 kilometres an hour, five days a week,” Mr Ambrose said.

“I just decided it was time, and I'd lost the motivation to compete.”

Mr Ambrose said both his body and his mind were signalling that it was time to retire.

“I made a couple of missteps, maybe ignored those signals for too long,” Mr  Ambrose said. 

“When it became obvious to me, then I made some tough decisions and that's what you saw last year."

Mr Ambrose’s career saw him go from a go-karting Launceston kid to two-time V8 Supercar Series champion, to racing in NASCAR in the USA.

“For 10 years in NASCAR in America, I was either on an expressway, on a racetrack or in a jet flying around the country,” he said. 

“It was a very fast-paced life and it was a very high-risk life.”

Mr Ambrose said although he missed elements of racing, including the adrenalin rush, he would certainly not race “on a professional level”.

“Maybe I might have an alias … and go and race at Carrick a few times,” he laughed.

“But to be honest with you, I've raced at the upper end of world motor sport and I survived, thrived and had a great experience and you know, that's gone now.

“Now I'm onto the next phase which I'm really excited about … it's a really exciting time and I feel really invigorated."

Development applications and building approvals for the lodge were submitted about 10 months ago.

He said demolishing Bernacchi Lodge wasn’t considered, and he was determined to restore and renew it to the best condition possible. 

The 16-week operation is in its tenth week, as the team strives to complete construction before snowfall. 

Whilst construction of the lodge is underway, Mr Ambrose has spent most of his time acting as project manager on-site.

His family, which includes wife Sonja and daughters Adelaide, 8, and Tabitha, 10, are based in Launceston. 

The lodge is set upon a unique landscape: vast, rugged flat land covered in scrub with lakes interspersed throughout, giving the surrounding area the name Nineteen Lagoons. 

Angling and trout fishing enthusiasts descend on the region, lured by fantastic fishing and alpine air. 

Mr Ambrose himself is a fan of the quality fishing available in the area.

He said fishing is on his list of Tasmanian outdoor hobbies which also included gold-panning, bush walking and four-wheel driving. 

Mr Ambrose said he has no intention to exclusively target an international clientele: Thousand Lakes Lodge will cater to visitors from Tasmania and beyond. 

"This place is open to everybody - this is not a high-end, international or interstate [clientele] we're aiming for,” Mr Ambrose said. 

Mr Ambrose said Thousand Lakes Lodge will open its doors to guests this spring. 

It will have capacity to host 40 guests, two comfortable lounge areas, and the option to have a catered experience.

Mr Ambrose said the lodge would be a fantastic base for people hoping to explore the area. 

He said they would steer clear of ultra-exclusive pricing which would render the experience inaccessible and unaffordable for many.

"We have some rooms that are, in my mind, pretty cost-effective for the experience you're going to get," Mr Ambrose said. 

The rejuvenated site will pay homage to its history: the walls of Thousand Lakes Lodge will tell stories of Bernacchi Lodge’s heritage and Antarctic climate training past. 

After a profitable, prosperous career, Mr Ambrose knew he could have settled and invested anywhere, but his home state was a deliberate decision. 

“It's great to be home and even better to be investing back in the state,” Ambrose said. 

“That's a big thing for me - I could put my money to work anywhere.

“I want to play my part now … I retired at 39 and so it's going to be great to invest in Tasmania with not only my money but also my passion.”

Mr Ambrose said preserving the pristine natural beauty of the area was of utmost importance, and the off-grid lodge generated its own power, and had roof solar panels.

“It's quite an exciting trip to be honest, it's been a great journey," Mr Ambrose said.