Tasmanian Aborigines are taking over several thousand hectares of button grass plains and scrub in the central highlands.

A ceremony to hand over 6,750 hectares of land is being held near Bronte Park today.

The parcel of land to the east of the Walls of Jerusalem National Park has been bought by the non-profit group Tasmanian Land Conservancy in partnership with two Indigenous groups.

It is surrounded by the Wilderness World Heritage Area and properties owned by the conservancy.

The Federal Government pitched in most of the $3 million needed to buy the land, which is largely untouched.

Collectively known as "Gowan Brae", the highland scrub was once owned by the Texan billionaire Martin Polin, who bought it during the Cold War with plans to use it as a refuge in the event of a nuclear holocaust.

The site includes a bunker which was built by Mr Polin.

Aboriginal Land Council of Tasmania chairman Clyde Mansell says the Gowan Brae purchase is a milestone for reconciliation.

"Never before have we witnessed collaboration of this nature in Tasmania," he said.

"This property carries a virtually uninterrupted cultural landscape which provides evidence of the past tracks used by our ancestors."

Aborigines say the land is ideal for re-establishing traditional customs like basket-weaving and hunting, as well as providing a source of traditional foods and medicine.

The Tasmanian Aboriginal Centre's Trudy Maluga described the acquisition as significant.

"This is a case of 'back to the future' for us, giving us a chance to re-establish Aboriginal governance of our lands pretty much as we always did in the deep past."