The City of Fremantle has welcomed the announcement that Perth-based property group Hesperia has acquired the historic Elders Woolstores building.
The giant heritage-listed building stretches between Cantonment Street and Elder Place in Fremantle's East End.
It was originally built in 1927, with later stages added after World War II. It's been largely vacant since the 1970s.
Fremantle Deputy Mayor Frank Mofflin said Hesperia's acquisition of the Elders Woolstores was another step in the revitalisation of Fremantle and a sign of the growing confidence in Fremantle's future.
"The Elders Woolstores is a significant heritage building for Fremantle in a very prominent location," Cr Mofflin said.
"For more than a decade the City has had a plan in place to attract more investment to Fremantle and get more people living, working and having fun here, so it's terrific to see that plan paying dividends.
"The fact that this important part of our history has been sitting idle for decades has been a source of frustration for everyone in Fremantle, so we're delighted to see some movement with this site.
"We're excited to see what Hesperia has planned, and we look forward to working with them to bring one of our most important heritage buildings back to life."
The Hesperia team is renowned for its expertise in heritage regeneration projects, with a comprehensive portfolio showcasing their heritage restoration and adaptive reuse activities including the landmark State Buildings in Perth CBD and the current redevelopment of Victoria House in Montario Quarter in Shenton Park.
The detailed vision for the Elders Woolstores is still being considered and the design phase is yet to commence. Hesperia plans to commence a wide-ranging community engagement process with local stakeholders later this year.
