Warrnambool's iconic T&G building will enter "a new era" after being sold to a local buyer who will revive the retail and office space.
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Harrington Property Group purchased the property and unveiled plans for the site which will soon get a fresh coat of paint and internal fit out.
Harrington Property Group director Clayton Harrington said he wanted to get one of the city's most prominent town corners "up and going".
"It's right at the entrance to the main street. It's an important building to the presentation of the town and how the city's core retail strip looks," he said.
"First impression is everything.
"It's an icon of Warrnambool. It's a great landmark of Warrnambool.
"It's a beautiful building but it needs some rejuvenating. It needs a bit of love."
Mr Harrington said he had already had talks with Warrnambool City Council about reviving the iconic building.
He said the building would get a fresh coat of paint when the weather warmed up but he had no plans to change the colour.
Internally, it will be reshaped and remodelled to bring it up to modern standards with the six downstairs shops turned into three.
Mr Harrington said he hoped to attract a retailer "of significance" that was worthy of the space to enhance the city of Warrnambool.
One of the existing shop frontages off Lava Street would be used to install a lift to make the upstairs office space more accessible.
"Believe it or not, Warrnambool has a bit of a shortage of office space," he said.
Born and bred in Warrnambool, Mr Harrington said he loved the town and was keen to ensure the T&G building shone once again.
"It's an exciting project for us," he said
"Warrnambool will have the icon forever."
A builder by trade, Mr Harrington said the restoration project was "right up my alley".
The building is one of a number of commercial sites in Warrnambool owned by the group.
"It's not something we're new to," Mr Harrington said.
Real estate agent John Ryan, who oversaw the sale, said it was a new era for the building and it was great that ownership was going into local hands.
Mr Ryan said there had been five interested parties vying for the site with metropolitan, regional and interstate buyers in the mix.
"It's an iconic building for Warrnambool and it's right in the nerve centre of the CBD. It's an outstanding building," Mr Ryan said.
"It really is going to be a benefit to the building, and Warrnambool, that we have got an experienced and knowledgeable purchaser that has acquired the building.
"It's someone who will do it sensitively and in a good manner.
"We look forward to working with the new owner and getting that corner revitalised."
The building has a long history in Warrnambool dating back to the 1940s. It was originally an arcade with a restaurant, chemistry, jewellers, milkbar, optometrist, butcher, gift shop and offices. Upstairs was the home of T&G Insurance.
In 1985, it became the home to its first bank - Victorian Savings and Loan and more recently the Bank of Melbourne.
Mr Harrington had been looking into the workings of the tower's clock. "It's a pretty amazing set-up," he said.
The building was purchased for an undisclosed figure.
Katrina Lovell
Katrina Lovell is a senior journalist at The Standard who covers council news and human interest stories.
Katrina Lovell is a senior journalist at The Standard who covers council news and human interest stories.
