A redevelopment plan has been unveiled for the Tasmanian Museum and Art Gallery (TMAG) in Hobart, Tasmania, which will see the original building demolished and replaced with a new facility which will offer double the amount of exhibition space.

The project, expected to cost in the region of AUD$150m (US$120m, £66m, 83m euro), is to receive AUD$30m (US$24m, £13m, 17m euro) over four years from the State Government to cover the first phase of the redevelopment.

A statement from the TMAG said: "The Tasmanian Museum and Art Gallery has been the state custodian of the island's rich cultural story since 1843 which is embodied in its site, buildings and collections.

"Over time the collections have grown, the heritage building stock has deteriorated with age, and modern museum standards have meant that TMAG is unable to meet the basic requirements which have to be met in order to showcase its own collection and host major travelling exhibitions.

"A sound business case and project strategy have been established to find a solution to these issues and ultimately proposed a major redevelopment project."

The masterplan has been completed by Sydney-based Johnson Pilton Walker in partnership with Tasmanian architects Terroir. Peter Root and Associates are directing the project.