56 Frederick Street was a childcare facility on a property just over 900 metres squared.

Built in 1836, the house is on the Tasmanian Heritage Register and is of historical significance because it may possibly be the oldest existing kindergarten or infant school in Australia.

The house is valued at around $650,000 by CoreLogic's Property value site.

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At the May 18 council meeting, councillors highlighted the importance of the Fredrick street building.

"This is a building the council has owned for approximately 130 years," councillor Tim Walker said.

"This is a building of some importance not just to the people who have gone there, but for generations before us for different reasons."

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City of Launceston acting mayor Matthew Garwood said the council's assets played an important part of the community.

"Council officers are exploring the potential of a public expressions of interest process for the future use of 56 Frederick Street," he said.

"It's expected that a recommendation will be brought to a council meeting once the process is explored."

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