The venue, on the corner of Sale and Byng streets, will reopen after the premises undergoes an upgrade including a part refurbish.

Under the Union Bank mantle, The Schoolhouse Restaurant and The Art House Bar and Courtyard will serve lunch and dinner seven days a week.

A former contestant on Channel Seven's Restaurant Revolution, Dominic Aboud, will run the kitchen, with both upmarket and casual diners in his sights.

While plans for the small corner wine bar are yet to be finalised, the Schoolhouse Restaurant, a nod to its origins as the first site of Kinross Wolaroi School, will put up modern meals using local produce. The Art House Bar, a tribute to its time as an art school, will put on cocktails and snacks out the back.

Former Orange resident Sarah Crowley will return to lead the team of around 20 people as the venue's general manager, having worked at top restaurants in Sydney, including the Rockpool Bar and Grill.

While a soon-to-be-announced sommelier will finalise the venue's international wine list, the restaurant's Australian wine list will only feature Orange wines.

Ms Crowley said the plan is to respect the building's past and appreciate what's available in the region now.

"Orange has amazing wines, incredible local producers and we have an amazing venue," she said.

Owner of the Union Bank building since 2003, Nikki Brouwers has taken over the ownership of the business.

Mrs Brouwers said she's proud of the management team they've employed and confident Ms Crowley can deliver a premier venue for Orange.