Norton Hospitality Group has added the restaurant to its portfolio, but the sale amount was considered commercial-in-confidence while liquidators continue to recoup funds for creditors.

Tasmanians Ralph and Suzanne Norton, who were behind the Irish Murphy's pub franchise, said they were "extremely excited" about purchasing one of the city's most prominent restaurants, given they were frequent diners at the location themselves.

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In a statement, Norton Hospitality Group stated it had plans to add more alfresco dining and offer brunch on Saturdays and Sundays.

"There will be some subtle improvements and additions, however we will not be taking away any of the ambiance of what Launceston's premier seafood restaurant represents," the statement reads.

"So, while there is a change of ownership, it's very much business as usual."

It was the first time Hallam's had been placed on the market since opening its doors in 1996, quickly establishing itself as a premier seafood restaurant in Northern Tasmania.

The restaurant was put up for sale as a vacant possession in October while the Australian Taxation Office pursued Salisbury Hallam Pty Ltd through the Federal Court for a tax debt of about $689,000. The company was wound up, but the restaurant has continued trading as liquidators recoup funds.

Liquidator Steven Hernyk said a creditors report was still being finalised, but guaranteed all staff would receive their full entitlements under federal law.