Rob Sherrard - who is best known as one of the founders of Virgin Australia - confirmed to The Examiner he will take over ownership of Milton Hall and Christ Church on Frederick Street when the sales finalise later this year.

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Mr Sherrard will take over from owners City Baptist Church in September for an as-yet-undisclosed amount. When the two 19th-century properties first hit the market in July last year, City Baptist Pastor Jeff McKinnon said the church was looking for a newer venue more fit for purpose in the 21st century.

"We live in a rapidly changing world and we're very conscious as a church that we have a really significant role to play in our society," he said at the time.

Mr McKinnon also noted the cost of maintaining two ageing buildings was becoming a burden on the church.

As for the future of the site, Mr Sherrard said he had enlisted the help of "a number of respected local individuals and professionals" to decide the next step for Milton Hall and the church.

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He also flagged more community consultation down the track, regarding the site's future use.

While no firm plans have yet been revealed, Mr Sherrard said he and his team were excited to be working on the project and had already been approached by a number of organisations regarding the site's future use.

"While we are currently evaluating some of these proposals, it goes without saying that we will be working closely with both the state and local heritage bodies with the primary objective to preserve the fabric and stature of the building in any future contemporary use," he said.

Until a more permanent use is decided, Mr Sherrard said the sites may be used - subject to local council regulation compliance - as venues for local community art exhibitions, events or music functions with "an underlying charitable benefit" or that contribute to the local community.

Whatever the plans for the site, this wouldn't be Mr Sherrard's first heritage-listed project.

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He already owns or part-owns Quamby Estate, Lake House at Cressy, the Rutherglen Village, and Entally House, as well as a number of retail and residential properties in the Launceston surrounds.

Mr Sherrard also owns the Tasmanian Walking Company, which operates tours at Cradle Mountain and the Bay of Fires.

Milton Hall was built in Launceston in 1842 and renovations were finished on the neighbouring Christ Church in 1885. Both properties hold distinct places in the city's history.

The first designs for the Australian flag were stitched together in Milton Hall.

Christ Church's first pastor, Reverend John West, founded The Examiner and was instrumental in the Anti-Transportation League, which advocated to abolish convicts being sent to the state.

The City Baptist church has operated out of the buildings for almost 40 years.

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