Launceston's iconic Star Theatre is expected to sell for in excess of $1.5 million according the real estate agent.
Co-owners Andrew Quaile, Ben Davis and Paul Lee-Archer made the decision to sell the beloved building after purchasing the art-deco style theatre in 2015.
The theatre was reopened as a cinema in 2018 after it was fully refurbished.
IN OTHER NEWS:
Knight Frank real estate agent Charles Black hoped the Star would sell in excess of $1.5 million, due to the size of the land and building, and the work that had been put into it.
"It's classic art deco, it's freshly renovated, and has room for expansion and diversification," he said.
"All the hard work has been done."
The Star Theatre has a licensed bar and cafe and an activated development application permit allowing for further expansions, including a micro-brewery, a second cinema and a commercial kitchen.
"It's fantastic for someone who wants to grab it and take it to another level," Mr Black said.
"[The theatre] could become quite a precinct or complex.
"The whole arts scene seems to be getting more momentum in Launceston."
Mr Black said there were only two or three active private cinemas in the state, just like the Star had been.
He said what the Star was previously purchased for was irrelevant due to the money spent on it during the refurbishment.