A new retail store will complete the transformation of Launceston's former Franco's restaurant. The 42-year Italian institution closed its doors in August last year, and the building has undergone a full refurbishment. The ground floor has been split into two tenancies, one of which houses the popular Frankie's cafe. Another shop is being set up in the neighbouring tenancy. "It's an exciting new retail concept from existing retailers in the city - an experienced operator," Shepherd and Heap's Blake Shepherd said. The upstairs section of the building, which was once used for residential accommodation, has been repurposed for office use. All five upstairs tenancies have since been leased to IT, marketing and promotions businesses. Having been fully transformed, the George Street building has returned to the market with a $1.45 million asking price. "It's a very solid building and great location," Mr Shepherd said. "The city is undoubtedly moving in that direction coupled with all those developments nearby, like the St Luke's building."