A permanent home for Enterprize in Launceston will give entrepreneurs the space and environment they need to develop the businesses of tomorrow, the organisation believes.
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The redeveloped Macquarie House was officially opened on Saturday, bringing to a close a six-year process since the idea's inception in 2013.
The circa-1829 building has not been used for permanent activity since the 1940s, and has mostly acted as storage space for the Queen Victoria Museum and Art Gallery, along with a restaurant based in its basement in the 1990s.
The first two floors will now be a shared space for start-up venture Enterprize.
Enterprize general manager Casey Farrell said it was exciting to finally have a permanent home, after almost three years in a "pop-up" location on Paterson Street.
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"One of the challenges that we've got as an organisation in Tasmania is we need to encourage people to take a punt and decide to do something entrepreneurial," he said.
"Having a space that is as iconic and well considered and well built and such a nice place to be in really helps with that.
"People come into this space and they feel that energy of entrepreneurship, they feel like it's a space they can hang around and let ideas flow."
The Gillard Government promised funding for the redevelopment in 2013, which was then delivered by the subsequent Abbott Government. In total, the federal government provided $2.8 million, the City of Launceston $600,000 and the state government gave seed funding to Enterprize.
Macquarie House itself - one of Launceston's oldest standing buildings - was in a relatively rundown state prior to 2013 and an entire new building needed to be built alongside it to enable the site to meet modern building standards.
The new building is distinctive with Hydrowood planks adorned on its outside.
Launceston mayor Albert van Zetten said it was the perfect way to complete the redeveloped Civic Square precinct.
"They've blended the old with the new. That's what we love about the city, we've got some beautiful old buildings but we can develop, grow with the old and the new together and have something that is beautiful in the city," he said.
"To see the Enterprize innovation hub up and running is extremely important to us as a city.
"This home's going to be where we're going to see some absolutely great and innovative ideas come forward in our city."
Prime Minister Scott Morrison cut the ribbon on the innovation hub, and congratulated the council as well as state and federal politicians, including Greens Senator Peter Whish-Wilson who convened a forum in 2013 where the idea first gained legs.
Mr Morrison said the hub would play its part in ensuring the Northern Tasmanian economy was "optimistic" and "forward-looking" into the future.